Shipping Corp. of India, the nation’s biggest marine transport company, will sell 13 billion rupees ($291 million) of shares as the government accelerates asset sales to tap overseas buying of the nation’s stocks India, which owns 80.1 percent of the company, will sell 10 percent of its stake, while the company will offer new shares of the same amount, according to a government statement. Prime Minister Manmohan Singh’s cabinet approved the sale today. The government’s stake will fall to 63.75 percent after the offer.
Singh wants to tap a record inflow of international investment seeking to participate in the second-fastest pace of economic growth in Asia. The government plans to sell shares in “more than one” state-run company each month through to March 31, Disinvestment Secretary Sumit Bose said this month. Overseas inflows reached a record 930 billion rupees yesterday, according to data from the market regulator.
Shipping Corp.’s shares, which have risen 13.7 percent this year, advanced 0.5 percent to 168 rupees in Mumbai today. Retail investors and employees will get a 5 percent discount on the offer price, the statement said.
The company, based in Mumbai, is seeking to raise funds as it adds 14 ships in the financial year that started in April, Chairman S. Hajara said on Aug. 11.
India’s gross domestic product expanded 8.8 percent last quarter from a year earlier, the most among major economies in Asia after China.
Singh wants to tap a record inflow of international investment seeking to participate in the second-fastest pace of economic growth in Asia. The government plans to sell shares in “more than one” state-run company each month through to March 31, Disinvestment Secretary Sumit Bose said this month. Overseas inflows reached a record 930 billion rupees yesterday, according to data from the market regulator.
Shipping Corp.’s shares, which have risen 13.7 percent this year, advanced 0.5 percent to 168 rupees in Mumbai today. Retail investors and employees will get a 5 percent discount on the offer price, the statement said.
The company, based in Mumbai, is seeking to raise funds as it adds 14 ships in the financial year that started in April, Chairman S. Hajara said on Aug. 11.
India’s gross domestic product expanded 8.8 percent last quarter from a year earlier, the most among major economies in Asia after China.