FINANCIAL CHRONICLE – India’s Mazagon Dock Shipbuilders Limited said it now holds 201,565,500 ordinary shares of Colombo Dockyard PLC, a 51.00 percent stake, despite there being no takers for a mandatory offer made to the shareholders.
The mandatory offer to buy shares at 40 rupees each expired on March 12, as per stock exchange filing.
Mazagon held 41.73 percent immediately before the offer, and acquired 9.27 percent from Onomichi, the previous owner, as per a Tripartite Sale and Purchase Agreement.
The stock closed down 2.25 rupees at 127.75 on Friday. Speculation over the months before the acquisition has seen the share price pushed up to 234.25 rupees in December.
Mazagon Dock Shipbuilders, headquartered in Mumbai, India, is engaged in the design, construction, repair and refurbishment of naval vessels, submarines, offshore platforms and a range of commercial vessels.
The Government of India is the company’s largest shareholder holding 81.22 percent of equity through direct holdings.
Mazagon appointed 3 directors to the board of Colombo Dockyard on February 24; Capt Jagmohan (Retd), Biju George, and Ruchir Agrawal. (Colombo/Mar12/2026)
