SCI sets FPO price band at Rs135-140 a share
26 Nov 2010
State-owned Shipping Corporation of India Ltd (SCI) has fixed the issue price for its Rs1,300-crore follow-on share sale at Rs135-140 a share.
The empowered group of ministers (EGoM), which met today, decided on a floor price of Rs135 per equity share and a cap of Rs140 per equity share for the FPO.
SCI will give a discount of 5 per cent on the issue price to retail investors and eligible employees who apply for allotment of shares out of the quota reserved for them.
The issue, which opens on 30 November, will close for subscription on 3 December.
The government will sell a 10 per cent stake in the shipping major and the company will issue another 10 per cent of fresh equity.
The issue comprises a total 8,46,90,730 equity shares, including fresh issue of 42,345,365 equity shares by the company and an offer for sale of 42,345,365 equity shares by the government.
