Shipping Corporation of India (SCI) FPO on November 30, 2010
The Shipping Corporation of India (SCI) announced on Thursday that on November 30, the company will enter the capital market with a FPO which would raise $320 million from the Market. The company has communicated to the Bombay Stock Exchange as per listing conditions that the bidding program for the follow on offer - Issue opens on November 30, 2010 and will close For QIB Bidders on December 02, 2010 and for retail investors on December 03, 2010. There will be a 20% equity sale from the company comprising of the government stake at 10 percent and the company will issue another 10 per cent of fresh equity.
The upper cap for small investors will be Rs 2 lakh. The proceeds from the sale would be deployed to fund acquisition of nine vessels.