Shipping Corporation of India share jumps as PSU fixes record date for demerger

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Demerger of Shipping Corporation of India: Early morning trading today saw a rise in the price of SCI shares. Today’s opening bell saw the share price of Shipping Corporation of India climb, and within a short period of time after the stock market began, it reached an intraday high of 139.35 rupees per share on the NSE. The demerger record date was set by Shipping Corporation of India on Tuesday as March 31, 2023. The state-owned business has already declared a 1:1 land and asset demerger.

Date of the Shipping Corporation of India demerger
“With reference to the above captioned subject and referred matter, we hereby inform that the Board of Directors of the Company at their meeting held today, i.e., 20th March 2023, have fixed the record date, in accordance with Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the purpose of determining the list of eligible shareholders,” the state-owned company said in a statement to Indian bourses on Tuesday.

Divestment by Shipping Corporation of India
The exchange communication continued by stating that the record date for the demerger of Shipping Corporation of India has been set at March 31, 2023, and that this date will be used to determine the list of eligible shareholders of SCI for the 1:1 allocation of equity shares by SCI Land and Assets Limited.

The Government of India (GoI) is considering and currently working to transfer managerial control of Shipping Corporation of India along with its equity share in the company. The sale of land and other assets, or non-core assets, is intended to support the seamless divestment plan of the GoI for Shipping Corporation of India.