Shipping Corporation of India Land & Assets Limited (SCILAL), formed through the demerger of non-core assets from Shipping Corporation of India (SCI), made its stock market debut today, opening at Rs 44.46. The stock reached a high of Rs 46.80 and a low of Rs 44.46 so far.
SCILAL's shares began trading under the Trade-to-Trade (T2T) segment, which restricts trading to delivery-based purchases.
This demerger is part of the government's strategic disinvestment plan to sell its majority stake (63.75%) in SCI. SCILAL was incorporated in November 2021 to house these non-core assets.
The demerger scheme, approved by the Ministry of Corporate Affairs in February 2023, became effective on March 14th. SCI shareholders received one share in SCILAL for every share held in SCI, following a 1:1 ratio.
The non-core assets transferred to SCILAL were valued at Rs 2,392 crore as of March 2022.