GE Shipping board meet today

The country's largest private shipping major Great Eastern Shipping Company (GE Shipping) will hold an "urgent meeting" of the board tomorrow to consider "various restructuring options".

The proposed demerger of the offshore division could not take place as it missed the deadline of August 2, prescribed by the Bombay High Court.

Within the stipulated timeframe, GE Shipping could not fulfil all conditions for demerging the division into a separate company "" Great Offshore Ltd.

The options include seeking the approval of the high court for extension of time limit to the demerger scheme. "This is going to be a crucial meeting which will have a bearing on its restructuring plan," investment bankers said.

Sources said the company was exploring options that would achieve maximisation of value accretion to the shareholders.

The GE Shipping stock rose 3.91 per cent on the Bombay Stock Exchange (BSE) to close at Rs 232.65 today on higher volumes of trade.

BSE witnessed trading volume at 10.10 lakh GE Shipping stock today against 5.78 lakh yesterday and NSE witnessed 23.10 lakh shares traded today against yesterday's 18.46 lakh.