Deadline for SCI demerger to be set next week; stock rises

Shares in Shipping Corporation of India (SCI) soared on Monday after the company announced that its board of directors would resign on April 20. Shares in divestment-bound Shipping Corp rose as much as 7.8 rupees, or 6.4 percent, on the BSE 129.2 rupees a piece too.

SCI shares held firm in the green during afternoon trading. As of 1:40 p.m., shares in BSE were up 5.1 percent to Rs.127.6 a share. The stock was traded in large quantities.

A total of 5.9 lakh Shipping Corporation shares changed hands in BSE that day, up from a daily average of 1.1 lakh over the past two weeks, according to preliminary stock market data.

“A meeting of the Board of Directors of Shipping Corporation of India Limited is scheduled to take place on Monday, March 20, 2023 to, among other things, determine the record date for determining the eligibility of shareholders for the allotment of shares at a ratio of 1 (one) share share of Rs. 10/- (ten rupees) par value of each of the Resulting Companies for each 1(one) share share with a par value of Rs. , SCI said.

A record date is the record date at which the shareholders who may be affected by a corporate action such as a division are determined.

On Feb. 22, the Ministry of Corporate Affairs (MCA) approved the split of the core and non-core assets of the state-owned Shipping Corporation of India (SCI), sources told Zee Business.

Meanwhile, the government had approved in principle the strategic sale of the company in November 2020.

It received several offers for the privatization of Shipping Corporation in March 2021. However, the splitting process was delayed. Source: Zee Business

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