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Shipping Corp price band fixed at Rs.135-140

NEW DELHI: The Central Government on Friday fixed a price band of Rs.135-140 a share for Shipping Corporation's follow-on offer, which will raise about Rs.1,200 crore if fully subscribed at the upper level of the band.

“The Empowered Group of Ministers (EGOM) has fixed a price band of Rs.135-140 a share for the follow-on public offer (FPO) of Shipping Corporation,” Shipping Minister G. K. Vasan said.

The government will dilute 10 per cent stake in Shipping Corporation while the company would issue fresh equity to the tune of 10 per cent of the paid-up capital through the FPO, which opens on November 30 and closes on December 3.

However, it will close a day early for institutional investors on December 2. The band is lower by Rs.31-36 than the company's 52-week average of Rs.171 on the Bombay Stock Exchange. This is also less than the share's closing price at Rs.145.40 a share on the BSE on Friday, down 0.89 per cent from the previous close.— PTI

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