Kolkata: The proposal to go in for an initial public offering (IPO) for sale of 29,210,760 equity shares from Monday, will spur Garden Reach Shipbuilders and Engineers ( GRSE ) to grow further by improving internal efficiency, save through better material management and go in for more automation, the company’s chairman and managing director Rear Admiral (retd) V K Saxena said. The Government of India plans to raise Rs 330-340 crore through this disinvestment.“Our present order book is worth Rs 20,313.61 crore. We are currently working on three stealth missile frigates under the Navy’s 17A project. This order is worth nearly Rs 19,300 crore. Each ship is of nearly 6,400 tonnes. We are also building four Landing Crafts and an Anti-Submarine Warfare (ASW) Corvette for the Navy and five Fast Patrol Vessels for the Coast Guard. We delivered five warships last year and plan to hand over 10 more in the next 18 months,” Saxena said.According to him, GRSE started work on the first stealth missile frigate six months in advance. It is to be delivered in mid-2023 while the last one will be handed over a couple of years later. “Of the 29 blocks, 13 are already under construction, thanks to our modernization that allows modular construction,” the CMD said.GRSE not only plans to develop smaller marine diesel engines for inland vessels at its Diesel Engine Plant in Ranchi, the company has also set up two lines there for Bailey Bridges, the demand for which is on the rise. GRSE also plans to increase capacity at the acquired Rajabagan Dockyard in Kolkata so it may build up to 24 ships concurrently in 3-4 years. At present, the yards at GRSE can build 20 ships simultaneously.“There will be no dearth of work. Both the Navy and Coast Guard have plans to grow to 200 ships each. We have already started participating in bids against private shipbuilders and winning. Our thrust area is exports. After exporting the first ever warship (in the country) to Mauritius, we are exploring markets in South and Central Asia, Latin America and Africa. We also want to go in for refit and repair of warships. As the Navy and Coast Guard’s fleets get older, there will be greater need for refits and repairs,” Saxena added.The offer period for the IPO will close on September 26. The net offer constitutes 25% of the post offer paid-up equity share capital of the company. The price band for the offer is Rs 115-118 per share.