Shares of state-owned Shipping Corporation of India (SCI) surged 12 per cent to Rs 128.9 per share in Thursday's intra-day trade on the BSE. The shares closed 9.7 per cent higher at Rs 126.2 as the government approved the demerger of the core and non-core assets of the company.
In an exchange filing, SCI said the Ministry of Corporate Affairs (MCA) has sanctioned the Scheme of Arrangement for Demerger of Non-Core Assets of Shipping Corporation of India Limited into Shipping Corporation of India Land and Assets Limited. CHECK DETAILS HERE
SCI had been identified for strategic disinvestment by the government. On November 10, 2021, SCI had incorporated a wholly owned subsidiary 'Shipping Corporation of India Land and Assets Limited' (SCILAL) to hive off the non-core assets of the company as a part of the Demerger under SCI's strategic disinvestment process.
The Scheme of Demerger has been approved by the SCI Board, DIPAM, MoPSW, SCILAL Board and stock exchange. The Demerger Scheme had been filed with Ministry of Corporate Affairs (MCA) for approval.
SCI, along with NMDC Steel Ltd, BEML, HLL Lifecare, Container Corporation of India, RINL or Vizag Steel, and IDBI Bank, are the entities where the Centre is looking to divest stake to raise Rs 65,000 crore in FY24. The government has pegged divestment target of Rs 51,000 crore for the next fiscal year. The target for FY24 is at par with the revised mop-up estimate of Rs 50,000 crore for FY23.
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