SCI to files for Rs 1,300-1,500 cr FPO in 2-3 days

Shipping Corporation of India (SCI) is likely to file a Red Herring Prospectus with market regulator Sebi this week for a follow-on public offer (FPO) to raise between Rs 1,300 crore and Rs 1,500 crore.

"We have received all comments and we expect to file the RHP with Sebi in the next 2-3 days," Department of Disinvestment Director Rajib Kumar Sen told PTI.

Sen said the issue is likely to hit the market by the end of November. The country's largest domestic shipping liner had filed a DHRP for the FPO in mid-October.

Sen said the company expects to raise between Rs 1,300 crore and Rs 1,500 crore from the 20 per cent stake sale, half of which will go to the government.

The money raised by the company will be utilised to fund its expansion plans.

The government has set a target to raise Rs 40,000 crore through disinvestment in 2010-11.

According to the government's disinvestment roadmap, Manganese Ore India will launch its own IPO after SCI's public offer. Subsequently, the FPO of state-run Hindustan Copper is likely to be conducted in December.