Friday, November 18 2005 18:02 Hrs (IST) - World Time -

New Delhi: A day after Shipping Minister T R Baalu announced that the Government would divest 15 per cent stake in Shipping Corporation of India and go in for stock split, the state-owned company today (Nov 18, 2005) denied any information on the matter.

"We would like to state that the company has not received any such intimation from the Ministry of Shipping on 2-for-1 stock split and sale of 15 per cent stake," SCI said in a communique to the National Stock Exchange.

The clarification was made by the company in response to NSE's query in this regard.

Baalu had yesterday (Nov 18, 2005) said at the Economic Editors' Conference that the Government has decided to divest 15 per cent stake in the SCI. Asked whether it was the Ministry's own decision, Baalu had said that the Disinvestments Department had sought his Ministry's comments on the matter to which he agreed to 'diluting' of 15 per cent stake.

SCI presently has 80.12 per cent government equity and if this proposal materializes, its equity will come down to around 65 per cent, he said.

Out of 15 per cent to be divested, 10 per cent would be offered to employees, while the remaining 90 per cent would be split in shares with Rs 5 each share, the minister had said.