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Shipping Corporation of India shares hit a 52-week high of Rs 92, up as much as 16 percent in morning trade after NITI Aayog recommended the government to cut stake in the company by 38.75 percent.
The NITI Aayog has drafted a recommendation which proposes to bring down the government's stake in the company to 25 percent from current 63.75 percent. The deal could potentially earn the government around Rs 960 crore for the exchequer.
The recommendation will soon be sent to cabinet committee of economic affairs.
NITI Aayog has recommended the Ministry of Shipping to divest stake in SCI in multiple tranches.
Government should sell 26 percent stake in SCI in first round and subsequently, government should transfer management control, it said in its draft.
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