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SCI to raise Rs.1,184 crore

The Shipping Corporation of India (SCI) is planning to raise Rs.1,184 crore through the follow-on public offer (FPO) that is opening for subscription on November 30.
The company has fixed a price band of Rs.135-140 a share. The FPO comprises a fresh issue of 4.23 crore equity shares and an ‘offer for sale' of a similar quantum of shares by the Government. The issue will close on December 2 for qualified institutional buyers (QIB) and December 3 for other bidders.
“The Government will get Rs.592 crore through 10 per cent divestment and the company will get Rs.592 crore through the issue of fresh shares, which will be used to fund its vessel acquisition plans,” Chairman and Managing Director of the company S. Hajara told reporters here. “We plan to acquire 62 vessels in the XI Plan. We have already ordered 32 vessels and will place orders for 30 more vessels by the end of March 2012,” Mr. Hajara said.
SCI has about 35 per cent share of Indian flagged tonnage as of June 30. It owned a fleet of 74 vessels of 5.11 million dead weight tonnage (dwt) as on September 30. The ships being acquired by SCI would be predominantly used for catering to import/export , he said.
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