Shares of Shipping Corp of India soared 7.5 percent in trade on June 12 as hopes of the company heading closer to divestment lifted investor sentiment.
Moneycontrol reported citing a senior government official that the strategic sale of Shipping Corp is likely to finally take off with no further delays as it has received approval on stamp duty waiver from Maharashtra. The stamp duty waiver, which sat at around Rs 300 crore, would've turned into a major roadblock in SCI's divestment had it not been granted.
The official added further that the divestment also got delayed due to the general elections, which are also over now.
The non-core assets of SCI, which come under the Ministry of Ports, Shipping and Waterways, were demerged from the company and listed on the exchanges separately as Shipping Corporation of India Land and Assets in March this year.
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The demerger and subsequent market listing of SCI's non-core assets have paved the way for inviting financial bids for the strategic sale of Shipping Corp. The next phase involves the government inviting financial bids for the strategic sale, with expectations of fetching around Rs 3,000 crore.
At 11.03 am, shares of Shipping Corp of India were trading at Rs 261.80 apiece on the NSE. Shares of SCI have been on a roll in the past few days amid growing expectations of its divestment and surged 16 percent.
Meanwhile, volumes in the counter were also high as one crore shares of the company changed hands on the exchanges so far, higher than the one-month daily traded average of 71 lakh shares.
Also Read | Shipping Corp strategic sale may proceed without further delay: Govt official
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