Shipping Corporation soars 10% on govt's approval to demerger plan

The Ministry of Corporate Affairs has approved the revised demerger plan of Shipping Corporation of India, wherein Rs 1,000 crore will be transferred to the non-core assets

Shares of state-owned Shipping Corporation of India (SCI) surged 12 per cent to Rs 128.9 per share in Thursday's intra-day trade on the BSE. The shares closed 9.7 per cent higher at Rs 126.2 as the government approved the demerger of the core and non-core assets of the company. 

In an exchange filing, SCI said the Ministry of Corporate Affairs (MCA) has sanctioned the Scheme of Arrangement for Demerger of Non-Core Assets of Shipping Corporation of India Limited into Shipping Corporation of India Land and Assets Limited. CHECK DETAILS HERE

SCI had been identified for strategic disinvestment