The government has circulated the final transaction documents for the sale of 51 per cent equity in Shipping Corporation of India (SCI) and the disinvestment ministry is likely to call a pre-bid meeting of the four players still in the fray for the company within this week.
As per the revised share purchase agreement, the government would have a put option on the residual equity of the company post divestment between 12 months and 48 months of the date of sale.
Similarly, the strategic partner would have a call option between 24 months of the sale and 60 months, according to an industry source.
Earlier, the put option for the government was limited to 36 months of the sale and the call option for the acquirer could be exercised only after that period.
The change allows the government more time to exit the company and the strategic partner can move to acquire the entire government equity anytime after two years of the sale.
When contacted, a ministry of disinvestment official said that the transaction documents had been finalised and
