Shipping Corporation of India Land & Assets (SCILAL), the demerged non-core entity of the state-run Shipping Corporation of India, will make its stock market debut on Tuesday, March 19.
The stock will begin trading under the Trade-to-Trade (T2T) segment. Under the T2T segment, a trader/investor can only buy stocks on a delivery basis, meaning a full amount for the stock will have to be paid. Intraday and other techniques like Buy Today, Sell Tomorrow (BTST) are not allowed.
SCILAL was incorporated in November 2021 to hive off the non-core assets of the Shipping Corporation of India. This was part of the government’s strategic disinvestment process of the Shipping Corporation, through which it planned to sell its 63.75% stake in the company.
The scheme of arrangement for the demerger was approved by the Ministry of Corporate Affairs in February 2023 and took effect on March 14.
Shipping Corporation had finalised the demerger in a 1:1 ratio, meaning shareholders of Shipping Corp will get one share of the demerged entity for every share they hold.
As per Shipping Corporation’s 2023 annual report, the value of non-core assets held for demerger as of March 2022 stood at ₹2,392 crore.
Shares of Shipping Corporation of India ended 2% higher on Monday at ₹202.7. The stock had gained 54% over the last 12 months.
