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Government announces to sell this company, Shares jump high after news

Shipping Corporation of India shares: The Ministry of Corporate Affairs approved the revised demerger plan of the Shipping Corporation of India on Thursday. After the news of the demerger, Shares of Shipping Corporation of India (SCI) rose 8.6% to Rs 124.9 per share in intra-day trade on BSE.   Under the revised plan, Rs 1,000 crore […]

Edited By : Aditya Singh | Updated: Feb 24, 2023 10:59 IST
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Government allows demerger of Ship corporation of India

Shipping Corporation of India shares: The Ministry of Corporate Affairs approved the revised demerger plan of the Shipping Corporation of India on Thursday. After the news of the demerger, Shares of Shipping Corporation of India (SCI) rose 8.6% to Rs 124.9 per share in intra-day trade on BSE. 

 Under the revised plan, Rs 1,000 crore will be transferred to non-core assets. This asset company will help in taking forward the process of disinvestment. As per the information, disinvestment will be completed by the financial year 2024.

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Demerger plan was approved in 2021

According to documents filed on BSE, the SCI board approved the disinvestment scheme on August 3, 2021. Following directions from the Ministry of Ports, Shipping and Waterways (MOPSW), SCI incorporated with all the stakeholders to give a final touch to the demerger plan. 

The Centre government had already said that the proposed strategic disinvestment in SCI would involve the disinvestment of key assets of the company along with management control to the buyer. 

Performance of stock

SCI’s share is currently at a value of Rs 122.45. The stock declined nearly 15 percent this year. In the last 6 months, it has jumped up by 9 percent.

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First published on: Feb 23, 2023 07:53 PM IST

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