Shipping Corporation fixes March 31 as record date for demerger; stk up 4%

The Government of India is in the process of strategic disinvestment of its equity stake in SCI together with transfer of management control

Shares of Shipping Corporation of India (SCI) moved higher by 4 per cent to Rs 134.10 on the BSE in Monday's intra-day trade after the company fixed March 31, 2023, as record date for its demerger.

"The board has fixed March 31, 2023, as the record date for ascertaining the list of eligible shareholders of SCI for allotment of equity shares by Shipping Corporation of India Land and Assets Limited (SCILAL) each credited as fully paid up in the ratio of 1:1," the company said in exchange filing.

In the past one month, the stock of SCI has