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.

Wind, rain, sea pound eastern India as Cyclone Phailin nears

BHUBANESWAR: Strong winds and heavy rains pounded India's eastern coastline on Saturday, as hundreds of thousands of people took shelter from a massive, powerful cyclone expected to reach land in a few hours. The skies were dark - almost black - at midmorning in Bhubaneswar, the capital of Odisha and about 60 miles (about 100 kilometres) from the coast. Roaring winds made palm trees sway wildly, and to the south, seawater was pushing inland. By Friday evening, some six lakh people had been moved to higher ground or shelters in Odisha, which is expected to bear the brunt of the cyclone, said Surya Narayan Patro, the state's top disaster management official. About 12 hours before Cyclone Phailin's landfall, meteorologists held out hope that the storm might hit while in a temporary weakened state, but no matter what it will be large and deadly. Ryan Maue, a meteorologist at Weather Bell, a private US weather firm, said even in the best-case scenario there will be a st...

Born poor, now self-made billionaires - Ed Liddy

Ed Liddy, former chief executive officer of American International Group (AIG ) had to face lot of hardships before he rose to great heights. Ed Liddy's father died when he was just 12 years old. According to a BusinessWeek report, he had a poverty-stricken childhood. Liddy graduated from Catholic University of America in 1968 and received a master's degree in business administration from George Washington University in 1972. He worked with Ford Motor before joining G D Searle & Co in 1981. The 63-year old Liddy earned about $130 million during his eight-year tenure at Allstate. In the wake of the financial crisis, Ed Liddy came to rescue the ailing AIG, worked for a salary of $1. But the act turned disastrous when the company handed out employee bonuses totally $165 million after it had accepted $170 billion in government bailout funds. This forced him to quit AIG.

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