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Shipping Corp shares soar 16% on proposed stake sale, hit 52-week high

LiveMint logoLiveMint 15-06-2017 PTI

New Delhi: Shares of Shipping Corporation of India today soared 16% to touch its one-year high level following reports that Niti Aayog has proposed strategic sale of about 26% stake in the company.

The stock after making a strong opening further jumped 15.94% to Rs 92—its 52-week high—on the BSE. On the NSE, it surged 15.61% to a one-year high of Rs 91.80.

NITI Aayog has proposed strategic sale of about 26% stake in Shipping Corporation of India, which could fetch about Rs 960 crore to the exchequer.

The government holds 63.75% stake in the Navratna PSU. After the sale of 26% stake, the government holding in the company will come down to 37.75%. The government has budgeted to raise Rs 15,000 crore through strategic sale of PSUs this fiscal.

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