Shipping Corp shares soar as much as 16% on proposed stake sale, hit 52-week high
New Delhi: Shares of Shipping Corporation of India today soared 16% to touch its one-year high level following reports that Niti Aayog has proposed strategic sale of about 26% stake in the company.
The stock after making a strong opening further jumped 15.94% to Rs 92—its 52-week high—on the BSE before it closed at Rs85.40, higher by 7.62% against the previous session’s closing.
On the NSE, the shares surged 8.25% to Rs85.95.
NITI Aayog has proposed strategic sale of about 26% stake in Shipping Corporation of India, which could fetch about Rs 960 crore to the exchequer.
The government holds 63.75% stake in the Navratna PSU. After the sale of 26% stake, the government holding in the company will come down to 37.75%. The government has budgeted to raise Rs 15,000 crore through strategic sale of PSUs this fiscal.