SCI demerger record date to be fixed next week; stock rises

SCI share price today: Shipping Corporation of India (SCI) shares jumped on Monday after the company said its board would meet on March 20 to decide a record date for a proposed demerger of its non-core assets. The stock of the divestment-bound Shipping Corp gained by as much as Rs 7.8 or 6.4 per cent to Rs 129.2 apiece on BSE.

SCI shares held on firmly to the green in afternoon deals. At 1:40 pm, the stock was up 5.1 per cent at Rs 127.6 apiece on BSE. The stock traded in huge volumes.

A total of 5.9 lakh Shipping Corp shares changed hands on BSE for the day so far, as against a daily average of 1.1 lakh in the past two weeks, according to provisional exchange data.

“A Meeting of the Board of Directors of The Shipping Corporation of India Limited is scheduled to be held on Monday, 20th March 2023, inter-alia, to fix the Record Date for determining the eligibility of shareholders for allotment of Equity Shares in the ratio of 1 (one) equity share of the face value of Rs. 10/- (Rupees Ten) each of the Resulting Company for every 1(one) equity share of face value Rs.10/- (Rupees Ten) credited as fully paid-up held in the Demerged Company,” SCI said.

A record date is the cut-off date that determines the shareholders eligible to be impacted by corporate action such as demerger.

Also Read: Shipping Corporation of India Disinvestment News: Crucial meeting of MCA today; stock jumps 5% | SCI Share Price

On February 22, the Ministry of Corporate Affairs (MCA) approved the demerger of the core and non-core assets of the state-owned Shipping Corporation of India (SCI), sources told Zee Business.

Meanwhile, the government had given an in-principal nod for the strategic divestment of the company in November 2020.

It received multiple bids for the privatisation of the Shipping Corporation in March 2021. However, the demerger process got delayed.

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