Shipping Corporation of India (SCI) share price surged over 14 percent at open on March 2 after Department of Investment and Public Asset Management (DIPAM) Secretary said multiple expressions of interest were received for privatisation of the company and the said transaction will now move to the second stage.

The stock was trading at Rs 119.00, up Rs 15.30, or 14.75 percent at 09:24 hours. It has touched a 52-week high of Rs 122. It has touched an intraday high of Rs 122 and an intraday low of Rs 116.

The government has received multiple bids for privatisation of Shipping Corporation of India, DIPAM Secretary Tuhin Kanta Pandey said on March 1.

DIPAM, in December, had invited expressions of interest (EoI) for strategic disinvestment of government’s entire stake of 63.75 percent in Shipping Corp of India, along with the transfer of management. The last date for submitting the bids was February 13, which was later extended to March 1.

“Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage,” Pandey tweeted.

The government has received multiple bids for privatisation of Shipping Corporation of India Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Monday.

DIPAM in December had invited expressions of interest (EoI) for strategic disinvestment of its entire stake of 63.75 percent in Shipping Corp of India, along with the transfer of management. The last date for submitting the bids was February 13, which was later extended to March 1.

“Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage,” Pandey tweeted.

The Cabinet had in November last year given an in-principle approval for strategic divestment of Shipping Corp and Container Corp of India Ltd. However, the plans were delayed due to the pandemic.

In her Budget speech for 2021-22 Finance Minister Nirmala Sitharaman had said, “a number of transactions namely Bharat Petroleum Corp Ltd, Air India, Shipping Corp of India, Container Corp of India, IDBI Bank, BEML Ltd, Pawan Hans, Neelachal Ispat Nigam Ltd among others would be completed in 2021-22.”