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Dec 07, 2010, 12.37 PM IST | Source: CNBC-TV18

Shipping Corp sets FPO price at Rs 140/share

State-run Shipping Corporation of India (SCI) has fixed issue price at higher end of price band of Rs 135-140 a share, government says, reports CNBC-TV18.

Shipping Corp sets FPO price at Rs 140/share

State-run Shipping Corporation of India (SCI) has fixed issue price at higher end of price band of Rs 135-140 a share, government says, reports CNBC-TV18.

The company raised Rs 582 crore via fresh issue. Net proceeds from fresh issue will be used for part funding the equity portion for the acquisition of certain vessels by company and general corporate purposes. However, the company will not receive any proceeds from the offer for sale by governments.

SCI FPO was subscribed 4.92 times, as per NSE website. The response has been seen from across categories. The qualified institutional investors' (QIBs) reserved portion was subscribed 4.19 times, retail 6.56 times and non-institutional investors 3.67 times.

The issue has received bids for more than 41.6 crore equity shares as against issue size of 8,46,90,730 shares.

SBI Capital Markets Limited, ICICI Securities Limited and IDFC Capital Limited were the book running lead managers to the issue.

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