Shipping Corporation records 52-week high on stake sale

The shares of State-run carrier Shipping Corporation of India (SCI) on Tuesday recorded fresh highs on reports that the Government has received multiple bids for the company to sell its stake.

At 10:57 am, SCI was trading at ₹118.80 on the BSE, up ₹15.10 or 14.56 per cent. It hit a fresh 52-week high of ₹123.55. It opened at ₹117.00 as against the previous close of ₹103.70.

On the NSE, it was trading at ₹119.00, up ₹15.25 or 14.70 per cent. It hit a 52-week high of ₹123.50.

Also read: Shipping Corporation sale: Great Eastern, Safesea Group join race by submitting EoIs

The government is set to sell its entire stake of 63.75 per cent in SCI, along with the transfer of management control.

In December, the Department of Investment and Public Asset Management (DIPAM) called for expression of interest to privatise SCI. The last date for submitting the expression of interest by potential bidders was February 13, which was later extended to March 1.

DIPAM Secretary Tuhin Kanta Pandey on Monday said that the government has received multiple EOIs for the company.

“Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage,” Pandey said in a tweet.

The government has received at least five expressions of interest, including from the Great Eastern Shipping Co Ltd and US-based Safesea Group, as per previous reports.

Vedanta Ltd and a consortium of Foresight Offshore Drilling Ltd S.A.- Belgium-listed Exmar NV and Dubai-based shipping company GMS DMCC have filed their EoIs, according to reports. Hyderabad-based Megha Engineering & Infrastructures Ltd is also understood to have submitted an EoI.