Follow on Public Offer of Shipping Corporation of India (SCI) by November end ?
According to a top company official of State-owned Shipping Corporation of India (SCI), the company is likely is likely to come out with its follow-on public offer by end-November or early-December.
"We are expecting approval from the Securities and Exchange Board of India (SEBI) approval shortly, following which we will file the copy of the red-herring prospectus with the Registrar of Companies. We are hopeful of coming out with our follow-on offer by end-this month or early-December," SCI's Chairman and Managing Director, S Hajara, told reporters.
The issue from the government stable comprises issue of 42.35 million shares and an offer for sale of another 42.35 million shares. and the Government's holding in the company thereafter will come down to 63.75 per cent from the 80.12 per cent presently. The stake-sale proceeds will be used expansion and to buy new vessels.
"The company has drawn up a capex plan of USD one billion per annum for the next three year period, Hajara said, adding that the capex will be financed through internal accruals and debt".
SCI's balance sheet is strong with Rs 2,400 crore cash and a debt-equity ratio of 0.45.