Shipping Corporation of India share jumps as PSU fixes record date for demerger
1 min read 22 Mar 2023, 10:01 AM ISTShipping Corporation of India demerger has been announced in 1:1 ratio
PremiumShipping Corporation of India demerger: Shipping Corporation of India (SCI) share price today ascended in early morning deals. In opening bell today, Shipping Corporation of India share price opened upside and went on to hit intraday high of ₹139.35 apiece on NSE, logging to the tune of near 2 per cent intraday rise within few minutes of stock market's opening today. On Tuesday, Shipping Corporation of India fixed demerger record date on 31st March 2023. The state-owned company has already announced demerger of its land and assets in 1:1 ratio.
Shipping Corporation of India demerger record date
The sate-owned company declared record date for demerger on Tuesday and informed Indian bourses citing, "With reference to the above captioned subject and referred matter, we hereby inform that the Board of Directors of the Company at their meeting held today, i.e., 20th March, 2023 have fixed the record date, in terms of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the purpose of ascertaining the list of eligible shareholders of the Shipping Corporation of India Limited (Demerged Company/SCI) for allotment of Equity Shares by Shipping Corporation of India Land and Assets Limited (Resulting Company) each credited as fully paid up in the ratio of 1:1 as per Scheme of Arrangement for Demerger as approved by Hon'ble Ministry of Corporate Affairs."
Shipping Corporation of India divestment
The exchange communication went on to add that record date for Shipping Corporation of India demerger has been fixed on 31st March 2023 for ascertaining the list of eligible shareholders of SCI for allotment of Equity Shares by Shipping Corporation of India Land and Assets Limited each credited as fully paid up in the ratio of 1:1.
The Government of India (GoI) is mulling and in the process to divest its equity stake in Shipping Corporation of India along with transfer of management control of the company. Demerger of land and assets or say non core assets of the company is aimed at felicitating the smooth divestment plan of the GoI in regard to Shipping Corporation of India.
