SCI FPO soon, appoints SBI Caps, IDFC, ICICI Sec as i-bankers

MUMBAI: Shipping Corporation of India ( SCI) today said it will soon come out with a follow-on public offer ( FPO) and has decided on three investment bankers for this.

The shipping major has decided to rope in SBI Caps, ICICI Securities and IDFC as investment bankers for its FPO.

"We have decided to appoint three investment bankers - SBI Caps, ICICI Securities and IDFC - for the follow-on-offer. We hope to get the approval for the FPO from the Government soon," SCI's Chairman and Managing Director S Hajara told reporters on the sidelines of the company's annual general meeting (AGM) here.

Hajara, however, did not provide more details on the FPO. "Let us get the approval first and then we will share more with you," he said.

Earlier in New Delhi, a Shipping Ministry official said the Committee on Economic Affairs is likely to approve the 20 per cent follow-on offer of SCI soon, which may fetch close to Rs 1,400-crore.

"The proposal to grant approval to the follow-on offer of SCI is likely to be taken up soon," the official had said.

The Government currently holds an 80.12 per cent stake in SCI. At current market prices, SCI is likely to raise Rs 1,400-crore from the market, of which half the amount would go to the Government. The market capitalisation of SCI stands at Rs 7,075-crore.