SCI’s follow-on public offer by early Dec

SCI is likely to come out with its follow-on public offer by end-November.

State-owned Shipping Corporation of India (SCI) is likely to come out with its follow-on public offer by end-November or early-December,a top company official said.

“We are expecting approval from the Securities and Exchange Board of India (SEBI) approval shortly,following which we will file the copy of the red-herring prospectus with the Registrar of Companies. We are hopeful of coming out with our follow-on offer by end-this month or early-December,” SCI’s Chairman and Managing Director,S Hajara,told reporters.

The issue comprises a fresh issue of 42.35 million shares and an offer for sale of another 42.35 million shares.

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Post the stake-sale,the Government’s holding in the company will come down to 63.75 per cent from the 80.12 per cent presently. The stake-sale proceeds will be used to buy new vessels.

The company plans road-shows in London,New York,Singapore and Hong Kong from next week.

The company has drawn up a capex plan of USD one billion per annum for the next three year period,Hajara said,adding that the capex will be financed through internal accruals and debt.

The company has a strong balance-sheet with Rs 2,400 crore cash and a debt-equity ratio of 0.45 and a current ratio of 2.97.

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