Defence PSU Garden Reach Shipbuilders and Engineers' IPO to raise Rs 336 crore

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By Express News Service

MUMBAI: The Central government is divesting around 25 per cent stake in defence PSU Garden Reach Shipbuilders and Engineers Ltd through an initial public offer of shares slated to open September 24. Priced at Rs 115-118 a share, the issue would raise around Rs 336 crore. 

GRSE earns more than 90 per cent of its revenue from ship-building, but is also looking at increasing its other engineering activities, and to tap the potential of the proposed inland waterways transportation in the country, said Rear Admiral (retired) Vipin Kumar Saxena, GRSE CMD. While the government has opened up the non-weapon platforms for bidding by private sector players, the complex warships are awarded only to the PSUs on nomination basis, he said. 

Source: The New Indian Express

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