Cochin Shipyard: Stock gains on TSL acquisition

Cochin Shipyard has been declared as a successful resolution applicant by the Committee of Creditors (CoC) of Tebma Shipyards Limited (TSL) under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code, 2016.

The implementation of the transaction will be subject to compliance with applicable regulatory requirements and as per the final terms approved by the NCLT.

Tebma Shipyards, which was incorporated in July 1984, is engaged into manufacturing and repairs of a variety of ships, including warships, dredgers, tugs, and offshore vessels for domestic and international companies.

Cochin Shipyard Limited (CSL) is one of the largest shipbuilding and maintenance facilities in India. It is a part of a line of maritime-related facilities in the port-city of Kochi in Kerala, India. Of the services provided by the shipyard, are building platform supply vessels and double-hulled oil tankers. Presently, it is building the first indigenous aircraft carrier for the Indian Navy, named as INS Vikrant.

Reacting to this news, the stock of the company closed at Rs 401.05, reporting a rise of 0.11 per cent or Rs 0.45 per share. The intraday high is Rs 408.2 and intraday low is Rs 397.45. The 52-week high is Rs 424.55 and 52-week low is Rs 320.15 on the BSE.