Govt opens bids to sell majority stake in Shipping Corporation

The government on Tuesday invited bids to sell its entire 63.75 per cent stake in Shipping Corporation of India (SCI) to a private investor.

The deadline for submitting initial bids is February 13, according to an official statement issued by the Department of Investment and Public Asset Management which operates under the Ministry of Finance.

The stake sale involves transfer of management control to investors, it said adding that RBSA Capital Advisors LLP is transaction advisor to manage the strategic disinvestment process.

In November last year, Cabinet Committee on Economic Affairs gave in-principle nod for stake sale in SCI. However, the divestment plan was delayed due to coronavirus pandemic.

Reports say SCI's total market value is about Rs 4,000 crore at current stock prices. At 12:30 pm, the company stock was trading 3 per cent higher at Rs 85.10 per unit.

( With inputs from ANI )

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