SCI follow-on offer opens | business | Hindustan Times
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SCI follow-on offer opens

The follow-on public offer (FPO) of Shipping Corporation of India (SCI), the country's largest shipping company in terms of tonnage, opened for subscription on Tuesday.

business Updated: Nov 30, 2010 22:45 IST
HT Correspondent

The follow-on public offer (FPO) of Shipping Corporation of India (SCI), the country's largest shipping company in terms of tonnage, opened for subscription on Tuesday.

The company aims to raise around Rs 1,200 crore at price band at Rs 135-140 per equity share. 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. A discount of 5% to the issue price has been offered to eligible employees and retailers.

The FPO comprises 84,690,730 equity shares of Rs 10 each for a cash at a price to be decided through a 100% book building process.

Post-issue, the government's share in the SCI will be 63.75%. The minimum bid lot will be 50 equity shares and in multiples of 50 equity shares thereafter. The issue closes on December 2 for qualified institutional buyers and on December 3 for all other bidders.

"Energy transportation is our thrust area and there'll be a good growth in containerised volume and off-shore industry, along with imports," said SCI, CMD, S. Hajara.

The government will get Rs 592 crore through 10% divestment.

MOIL IPO gets huge response

In a staggering performance, the initial public offer of state-run MOIL received a more than five times subscription till noon on the third day of issue on Tuesday. MOIL's open offer is closing on TUesday for the QIBs (qualified institutional buyers) and for retail and non-institutional bidders the issue will end on December 1. (PTI)