Shipping Corp receives multiple bids for government stock sale, stock surges 19%

New Delhi: Shipping shares of Shipping Corporation of India Ltd reached a 52-week high on Tuesday, exceeding 19% after the government received multiple bids for the company’s proposed sale of shares.

At BSE, Scrip stock surged 19.14% to a 52-week high of Rs 123.55. Similarly, at NSE, the stock traded 19.03 percent higher, reaching a 52-week high of Rs 123.5.

Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management (DIPAM), said on Monday that he received multiple statements of interest (EoI) for the privatization of Shipping Corp.

In December, the government requested EoI to strategically sell its 63.75% stake in Shipping Corp due to a change of management. The final submission date for the bid was February 13th, which was later extended to March 1st.