The follow-on public offer (FPO) of state-owned Shipping Corporation of India (SCI), which aims to raise Rs 1,300 crore, would come out on November 30.
According to the prospectus filed with market regulator the Securities and Exchange Board of India (Sebi), the issue would close on December 2 for institutional investors and December 3 for retail investors, among others.
Last month, the government had approved selling its 10 per cent stake in SCI and allowed it to raise 10 per cent fresh equity.
The issue comprises of a fresh issue of 42.35 million shares and an offer for sale of another 42.35 million shares.
Post the stake-sale, the government's holding in the company will come down to 63.75 per cent from the 80.12 per cent currently. The stake-sale proceeds will be used to buy new vessels.
The company has drawn up a capex plan of $1 billion per annum for the next three years. It has a strong balance sheet with Rs 2,400 crore cash and a debt-equity ratio of 0.45 and a current ratio of 2.97.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app