SCI’s FPO likely by early-December: Govt

SCI’s FPO likely by early-December: Govt
PTI
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First Published: Wed, Nov 17 2010. 04 55 PM IST
Updated: Wed, Nov 17 2010. 04 55 PM IST
Mumbai: The follow-on public offer (FPO) of Shipping Corporation of India (SCI) is likely to hit the market by early-December, a senior official said.
SCI has already filed its red herring prospectus (RHP) with Sebi for the FPO comprising of an issue of 42,345,365 shares by the public sector company and another offer for sale of equal number of shares by the Government of India by way of divestment.
“The necessary procedures for the FPO are in progress and we are sure that the offer will hit the market by early- December,” secretary, ministry of shipping, K. Mohandas, told reporters here on the sidelines of an event organised by ICC Shipping Association here.
The Government, which has an over 80% stake in SCI, plans to sell 10% of its stake via fresh equity issue and additional 10% by way of disinvestment.
The funds thus raised would be used for undertaking various projects including fleet expansion, he said.
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First Published: Wed, Nov 17 2010. 04 55 PM IST