State-run Shipping Corp of India is likely to launch its follow-on share sale in December offering a 20 percent stake, three sources with direct knowledge of the situation said on Friday. Shipping Corp, the largest shipping company in India that owns crude carriers, bulk carriers and product carriers, has shortlisted SBI Capital, ICICI Securities and IDFC Capital as the book running leader managers for the offering, they said.
The sources declined to be named as they were not authorised to speak to the media. The sale is part of a government plan to sell stakes in about 60 state-run firms over the next few years, as India moves to cut a stubbornly high fiscal deficit and garner funds to spend on schemes for the poor.
The Indian government plans to raise $8.6 billion through stake sales in fiscal year 2011. State-owned Coal India will launch its initial public offering, through which it aims to raise as much as $3 billion, on Oct. 18, the chairman of the world's largest coal miner said on Thursday.
The sources declined to be named as they were not authorised to speak to the media. The sale is part of a government plan to sell stakes in about 60 state-run firms over the next few years, as India moves to cut a stubbornly high fiscal deficit and garner funds to spend on schemes for the poor.
The Indian government plans to raise $8.6 billion through stake sales in fiscal year 2011. State-owned Coal India will launch its initial public offering, through which it aims to raise as much as $3 billion, on Oct. 18, the chairman of the world's largest coal miner said on Thursday.