The follow-on public offer (FPO) of state-owned Shipping Corporation of India (SCI), which aims to raise Rs 1,300 crore, would come out on November 30.
According to the prospectus filed with market regulator the Securities and Exchange Board of India (Sebi), the issue would close on December 2 for institutional investors and December 3 for retail investors, among others.
Last month, the government had approved selling its 10 per cent stake in SCI and allowed it to raise 10 per cent fresh equity.
The issue comprises of a fresh issue of 42.35 million shares and an offer for sale of another 42.35 million shares.
Post the stake-sale, the government's holding in the company will come down to 63.75 per cent from the 80.12 per cent currently. The stake-sale proceeds will be used to buy new vessels.
The company has drawn up a capex plan of $1 billion per annum for the next three years. It has a strong balance sheet with Rs 2,400 crore cash and a debt-equity ratio of 0.45 and a current ratio of 2.97.