Shipping Corporation (SCI) disinvestment: 400 employees, 3 ex-CMDs to take part in the bidding exercise, says Anil Singhvi

Shipping Corporation (SCI) disinvestment: Zee Business Managing Editor Anil Singhvi on Monday informed that employees of Shipping Corporation of India (SCI), the country's largest shipping company, will also participate in the bidding process for disinvestment. As many as 400 employees will participate in the disinvestment exercise of the Shipping Corporation of India, revealed Zee Business Executive Editor Swati Khandelwal.  

As per sources, three-ex CMDs and Director of Finance, who has special right as per bid document, have been allowed to participate in this bidding, said Swati Khandelwal.    

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SCI को लेकर बड़ी खबर-

> विनिवेश में कर्मचारी भी बोली डालेंगे
> SCI के लिए 400 कर्मचारी भागीदारी करेंगे#ZBizExclusive #SCI @AnilSinghvi_ @SwatiKJain pic.twitter.com/xunf24kpQm

— Zee Business (@ZeeBusiness) January 4, 2021

Now, 400 employees along with ex-CMDs will participate in this exercise, whose last date is February 13.  At the current market price, the government's stake sale in Shipping Corporation of India is valued at about Rs 2,500 crore to Rs 3,000 crore, said she said. “They have more than a month to take part in this disinvestment exercise,” she added.

Talking about the significance of this move, Zee Business Managing Editor said, “ It is a very interesting development. Usually, companies that bring public issues also have employees' quota and this quota never gets filled. Not because employees do not have money, but because these employees lack confidence on such companies. If employees show confidence in the company, this could be a big game-changer.”

Talking about movement in government companies shares, where disinvestment are invited, he said there will be two kinds of rally in these companies. One before disinvestment and another after disinvestment, which will reveal who will be their actual owner. “Investors should not hurry and sale over this news. They should hold on to stocks and wait for the new player to emerge,” he added.    

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Earlier, the Ministry of Finance on December 22 has invited expressions of interest for the strategic disinvestment of its 63.75 per cent stake in the Shipping Corporation of India along with the transfer of management control.