India’s Shipping Corp share sale raises US$ 259 m

Monday, 13 December 2010 00:01 - - {{hitsCtrl.values.hits}}

Reuters: State-run Shipping Corp of India’s has raised $259 million through a share sale after the issue was priced at the top end of the range, the federal shipping minister said last week.

The share sale has been priced at 140 rupees a share, the top end of the indicative price range of 135 rupees to 140 rupees apiece, G.K. Vasan said.

The Indian government sold 10 percent of its stake in the shipping services firm in the offering, which was covered nearly five times. The company issued another 10 percent of fresh equity. The government will get 5.82 billion rupees of the total 11.65 billion rupees raised by selling a part of its stake in Shipping Corp, Vasan said.

Shipping Corp’s share sale is the most recent in a series of such offerings by state-run companies.