NEW DELHI: The Centre on Tuesday embarked on a two-pronged strategy, allowing disinvestment of 10 per cent of its stake in Shipping Corporation of India (SCI) and allowing it to raise additional equity of like quantum.
The disinvestment in this Navratna company is expected to generate about Rs.1,300 crore.
The Cabinet Committee on Economic Affairs has allowed a discount of 5 per cent to retail investors on the issue price and allowed reservation of shares of 0.50 per cent of the issue size along with discount of 5 per cent on the offer price for employees of the largest shipping company in the country owning 75 vessels. The ownership of the government in SCI will come down to 63.75 per cent from the current 80.12 per cent after the sale and further issue of shares. The government hopes to develop a road map for higher public participation in the company while ensuring that government equity did not fall below 51 per cent.
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