Decks cleared for Shipping Corp FPO

The government has approved selling its 10 per cent stake in navratna company Shipping Corporation and allowed it to raise 10 per cent fresh equity, paving the way for R1,300 crore public issue that is likely to hit markets by December.

The government has approved selling its 10 per cent stake in navratna company Shipping Corporation and allowed it to raise 10 per cent fresh equity, paving the way for R1,300 crore public issue that is likely to hit markets by December.

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The proceeds from fresh equity sale will enable the company, which has cash reserve of R2,500 crore, to partly fund its expansion programmes, including fleet acquisition.