Shipping Corporation of India demerger: In early morning trades today, the share price of Shipping Corporation of India (SCI) increased. Today’s opening bell saw the share price of Shipping Corporation of India climb, and within a short period of time after the stock market began, it reached an intraday high of 139.35 rupees per share on the NSE. The demerger record date was set by Shipping Corporation of India on Tuesday as March 31, 2023. The state-owned business has already declared a 1:1 land and asset demerger.
Shipping Corporation of India demerger record date
“With reference to the above captioned subject and referred matter, we hereby inform that the Board of Directors of the Company at their meeting held today, i.e., 20th March 2023, have fixed the record date, in accordance with Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the purpose of determining the list of eligible shareholders,” the state-owned company said in a statement to Indian bourses on Tuesday.
Shipping Corporation of India divestment
The exchange communication went on to add that record date for Shipping Corporation of India demerger has been fixed on 31st March 2023 for ascertaining the list of eligible shareholders of SCI for allotment of Equity Shares by Shipping Corporation of India Land and Assets Limited each credited as fully paid up in the ratio of 1:1.
The Government of India (GoI) is mulling and in the process to divest its equity stake in Shipping Corporation of India along with transfer of management control of the company. Demerger of land and assets or say non core assets of the company is aimed at felicitating the smooth divestment plan of the GoI in regard to Shipping Corporation of India.