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This is an archive article published on October 5, 2010
Govt to offload 10 stake in SCI
SCI is the largest shipping company in India owning 75 ships.
The government on Wednesday approved selling its 10 per cent stake in the Shipping Corporation of India SCI and allowed the company to issue fresh equity to the tune of 10 per cent of the paid-up capital.
The government also said the disinvestment in navratna SCI is expected to fetch nearly Rs 1,300 crore. 8220;The Cabinet Committee on Economic Affairs today gave its approval for issue of fresh equity of 10 per cent by SCI of its existing equity8230; sale of 10 per cent of the existing equity out of the government shareholding,8221; an official statement said.
SCI employees will have a quota of 0.5 per cent of share sale and will also get a discount of 5 per cent on issue price.
The government holds an 80.12 per cent stake in SCI. It will sell 4.23 crore shares and the company will issue as many shares.
8220;This disinvestment will develop a roadmap for higher people ownership of this company,while ensuring that the government equity does not fall below 51 per cent,8221; the statement added.
SCI,whose shares closed at Rs 168,up 0.45 per cent on the BSE today,is the largest shipping company in India owning 75 ships of 5.10 million DWT Dead Weightage Tonnage.
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