Shipping Corporation of India (SCI) FPO : Opening on 30th Nov 2010

by khalid on 20/11/2010 · 0 comments

The Navratna company of Indian Government, Shipping Corporation of India (SCI) is entering into primary market with a Follow-on Public Offer (FPO) of 84,690,730 Equity Shares of Rs 10 each. The FPO is opening on 30th Nov 2010 and the shares will be available for subscription up to 3rd Dec 2010. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has not been fixed yet. SCI Limited is a public sector undertaking (PSU) of the Indian Government. Shipping Corporation of India Ltd (SCI) is India’s largest shipping companies handling around 35% of market share. SCI holds “Navratna” status. Shipping Corporation of India owns a fleet of 74 vessels of 5.11 million dead weight tonnage (DWT) and has ordered 29 vessels which will be operational in next 3 years.

The objects of the FPO are to carry out the divestment of 42,345,365 Equity Shares by the Selling Shareholder and to part funding the equity portion for the acquisition of certain vessels and general corporate purposes.

Presently the Government of India has 80.12% paid-up Equity Share capital in Shipping Corporation of India (SCI) and post IPO the paid-up Equity Share capital of Government of India will reduce to 71.6%.

The equity shares offered through the FPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Issue Detail:-
Issue Open : 30th Nov 2010 – 3rd Dec 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 84,690,730 Equity Shares of Rs 10 each
Issue Size : Rs. 1,143.32 – 1,185.67 Crores
Face Value : Rs 10 Per Equity Share
Issue Price : Rs. 135 Rs. 140 Per Equity Share
Minimum Bid Quantity : — Shares (Rs. —- with 1 Lot)
Maximum Bid Quantity : —- Shares (Rs. —— with — Lot)
Listing At : BSE, NSE

Retail investors get an additional 5% discount on the final price of the issue.

Maximum Subscription Amount for Retail Investor : Rs. 200000

The Book running lead managers to the issue are ICICI Securities Limited, IDFC-SSKI Private Limited and SBI Capital Markets Limited.

Registrar of the Issue : Karvy Conputershare Private Limited, Hyderabad.

Stay tuned to BelltheBull Blog for more on Shipping Corporation of India (SCI) FPO !

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