SCI is among those public sector companies, which are part of the government's plans to raise up to Rs 40,000 crore through disinvestment this fiscal.
The proposal is to sell 10% stake in SCI through a FPO in the current financial year. However, the quantum of fresh equity to be raised by the company is yet to be decided. The shipping ministry is in the process of finalising the cabinet note for the FPO.
There is a proposal for a follow on public offer (FPO) for the company, said S Hajara, CMD. The government is yet to take a decision of divestment in the company. The company has a debt to equity ration of 0.43, and cash in hand of Rs 2,300 crore. The year 2009-10 was a trying year for the bulkers & tankers, but with its judicious mix of time charters, spot charters and COA, SCI managed to ride the uncertain market conditions successfully, the company said in a release.