SCI and SCILAL sail smooth

Yesterday the stamp duty waiver from Maharashtra  for the demerged entity came in and this means that the strategic stake sale planned in Shipping Corporation of India (SCI), which received the Cabinet in-principal approval in Nov’20 might now finally happen.

The demerged entity is Shipping corporation of India Land and Assets Limited (SCILAL) and this one holds the SCI building in Mumbai. The major hitch was the payment of Rs.300 crore as stamp duty on this building and now that the Maharashtra Govt has decided to waive it off, selling stake would become much easier.

SCILAL holds all identified non-core assets, real estate properties, buildings, non-shipping related assets. This demerged company got listed on the bourses on 19th March.

The Govt hopes that the stake sale in SCI will fetch it around Rs.3000 crore.

Govt holds 63.75% stake in SCI.

Today, both SCI as well as SCILAL are up in the green; SCILAL rose almost 7.5% to hit an intraday high at Rs.73.05; its 52-week high is at Rs.77.85. SCI rose 9% to Rs.267.70 and its 52-week high stands at Rs.290.60.