SCI to Sell Stock to Buy New Ships

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

19 Nov 2010

The state-owned Shipping Corporation of India plans to conduct a share sale on Nov. 30 that could raise up to $320 million for buying new containerships and tankers. The government will sell a 10 percent stake in the shipping services firm, and the company will issue another 10 percent of fresh equity.
SCI said it would use proceeds from the share sale to fund acquisition of nine vessels, including thee containerships and two very large crude carriers and three container ships. It plans to place the orders next week.
The offering will close on Dec. 3 for retail bidders, while the institutional book will close a day earlier, the company said in a filing to the Bombay Stock Exchange.
India plans to sell stakes in Indian Oil, ONGC, and Steel Authority of India the last quarter of this fiscal year ending in March.

Source: Journal of Commerce