SCI fpo | Shipping Corporation of India FPO opens on nov 30

sci fpo | Shipping Corporation of India FPO opens on nov 30

Shipping Corporation of India (SCI), one of India’s largest shipping companies in terms of Indian flagged tonnage, will be coming out with its follow-on public offer (FPO) of 8,46,90,730 equity shares on November 30, 2010.
As per draft prospectus, the issue comprises of a fresh issue of 42,345,365 equity shares by company and an offer for sale of 42,345,365 equity shares by the President of India, acting through the ministry of shipping, government of India. The issue comprises a net issue to the public of 84,267,276 equity shares and a reservation of up to 423,454 equity shares for subscription by eligible employees.

Shipping Corporation has approximately 35% share of Indian flagged tonnage as of June 30, 2010, according to the website of Directorate General of Shipping, Government of India (DG Shipping). As of September 30, 2010, it owned a fleet of 74 vessels of 5.11 million dead weight tonnage (DWT).
Its fleet includes dry bulk carriers, very large crude carrier (VLCC) tankers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, phosphoric acid and chemical carriers, LPG and ammonia carriers, and offshore supply vessels.
The issue will close for subscription on December 03. Central and state governments’ holding will reduce to 63.75% post issue.
Company will not receive any proceeds from the offer for sale by governments. However, 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.
SBI Capital Markets Limited, ICICI Securities Limited and IDFC Capital Limited are the book running lead managers to the issue.

Source: Moneycontrol

Posted by musicking on Nov 19 2010. Filed under Business news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry