SCI’s FPO band fixed at Rs 135-140

NEW DELHI: The government has fixed price band of Rs 135-140 a share for Shipping Corporation’s FPO through which it expects to raise about Rs 1,200 crore. The price band is lower than SCI’s closing price of Rs 145.40 on the BSE on Friday. It is Rs 31-36 less than its 52-week average of Rs 171 on BSE. Retail investors and SCI staff will get 5% discount. Under the share sale, 0.5% stake has been reserved for employees.