The trading volumes on the counter more-than-doubled against its two-week average, with a combined 16.6 million equity shares changing hands on the NSE and BSE, till 11:39 am. In comparison, the S&P BSE Sensex was down 0.69 per cent at 45,784 points.
In the past three weeks, the stock zoomed 60 per cent on reports that global and domestic players are making a beeline for privatisation process for the company. In comparison, the S&P BSE Sensex was up 5 per cent during the same period.
During initial discussions, players like Essar Shipping, Adani, Great Eastern Shipping, Vedanta, and Dubai Port World have expressed interest in SCI, the report suggested.
SCI has been identified for strategic disinvestment by the Government of India and the Department of Investment and Public Asset Management (DIPAM) of Ministry of Finance has appointed Transaction Advisors, Asset Valuers and Legal Advisors and the due diligence process is in progress. The government has decided to sell its entire 63.75 per cent stake in SCI.
Last month, the company said that it has received information from the Transaction Advisor (TA), M/s. RBSA Capital Advisors LLP, about the proposed generic roadshows and the presentation on disinvestment of SCI with the parties on 11.11.2020, 12.11.2020 ,17.11.2020 and 18.11.2020.
The company’s board, at its meeting held on November 6, 2020, approved the taking of all necessary actions for undertaking and implementing “demerger/hiving off” of non-core assets in line with the direction received from Ministry of Shipping (MOS), Government of India in connection with proposed strategic disinvestment of the Company.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Thu, December 10 2020. 11:56 IST
You must log in to post a comment.