Shares of Shipping Corp closed at ₹86.55, up 3.22% over the previous close on the BSE on Friday.
At the current market price, the government's stake in Shipping Corp is valued at ₹2,500 crore.
The Cabinet Committee on Economic Affairs in November last year gave in-principle approval for the strategic divestment of Shipping Corp. However, the plans were delayed due to the pandemic. The 2020-21 Budget has set a record divestment target of ₹2.1 lakh crore.
The government has so far raised ₹11,006 crore through minority stake sale in CPSEs this fiscal year. The strategic sale process of BPCL and Air India is ongoing and both the companies have received "multiple" expressions of Interest (EoI) from potential buyers.