In order to meet the disinvestment targets of FY 2020-21, the Modi government of the Center is now going to sell its 63.75% stake in the public sector company Shipping Corporation of India- SCI. The government has invited bids from private companies and investors to buy a 63.75% stake under the Privatization of Shipping Corporation of India. In order to buy majority stake of the government in SCI, the companies can submit interest papers (Expressions of Interest (EOI)) by February 13. The government wanted to sell its stake in the company early this year, but it has been delayed due to the corona virus epidemic.
Let us tell you that the Central Government has set a target of raising Rs 2.10 lakh crore through disinvestment for the financial year 2020-21. But till now the government has been able to raise only Rs 11,006 crore through the Minorita Stake Sale in small companies. To meet this goal, the government first invited bids to sell its stake in BPCL and Air India and now has invited bids from private companies to sell its stake in SCI. The government plans to sell 29.69 crore equity shares in SCI, which is equivalent to its 63.75% stake in the company. For this, investors can bid individually or through a consortium.
Shipping Corporation Of India stocks jumped 3.81%
According to the current stock price of the company, the market valuation of SCI is around Rs 4000 crore. After this news, the company’s stock rose 3.81% in the stock market today and its price rose to Rs 85.80. Let us tell you that in November last year, the Cabinet Committee on Economic Affairs approved the plan to sell majority stake in SCI. But due to the corona virus epidemic, its privatization process has been delayed.