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1st Scorpene class submarine Kalvari made at MDL

Mazagon Dock IPO Price Band set at Rs 135-145

Defense PSU Divestment Opens on Sep 29

The Company is currently building four P-15 B destroyers and four P-17A stealth frigates and undertaking repair and refit of a ship for the MoD for use by the Indian Navy.

MUMBAI, Sep 24 (BNC Network): Mazagon Dock Shipbuilders Limited, a Mini Ratna GoI company, will be opening its divestment public offering for subscription on September 29, 2020 and will close on October 1, 2020 with a price band of ₹ 135 – ₹ 145 per equity share.

The Offer is being made through book building

Mini Ratna-1 Mazagon Dock, India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy , will sell 599,017 equity shares constituting 15.17% of the Company’s pre-Offer paid up capital. The issue proceeds will go to the government.

YES Securities India Ltd, Axis Capital Ltd, Edelweiss Financial Service Ltd, DAM Capital Advisors Limited (formerly known as IDFC Securities Ltd) and JM Financial Ltd are the BRLMs to the Offer

MDL is a defense public sector undertaking shipyard with a maximum shipbuilding and submarine capacity of 40,000 DWT, engaged in the construction and repair of warships and submarines and other vessels for commercial clients. MDL is India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy and also one of the initial shipyards to manufacture Corvettes (Veer and Khukri Class) in India. The Company is currently building four P-15 B destroyers and four P-17A stealth frigates and undertaking repair and refit of a ship for the MoD for use by the Indian Navy. Its submarine and heavy engineering division includes building, repair and refits of diesel electric submarines.

The Company is also building/ in the process of delivering four Scorpene class submarines under a transfer of technology agreement with Naval Group as well as one medium refit and life certification of a submarine for the MoD for use by the Indian Navy. Since 1960, MDL has built a total of 795 vessels including 25 warships, from advanced destroyers to missile boats and three submarines.

MDL has also delivered cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, tugs, dredgers, fishing trawlers, barges and border outposts for various customers in India and abroad.

 

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