The FPO opens on November 30 and will close on December 3, 2010. The company has fixed the price band of the FPO at Rs 135 - Rs 140 per share.
Shipping Corporation has approximately 35% share of Indian flagged tonnage as of June 30, 2010, according to the website of Directorate General of Shipping, Government of India. As of September 30, 2010, it owned a fleet of 74 vessels of 5.11 million dead weight tonnage. Its fleet includes dry bulk carriers, very large crude carrier tankers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, phosphoric acid and chemical carriers, LPG and ammonia carriers, and offshore supply vessels.
The proceeds from fresh issue will be used for part funding the equity portion for the acquisition of certain vessels by company and general corporate purposes.
SBI Capital Markets Limited, ICICI Securities Limited and IDFC Capital Limited are the book running lead managers to the issue.
Recommendation:
We would recommend investors to invest in this IPO.
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