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The Shipping Corporation of India Limited has announced a board meeting to review the Statement of Deviation or Variation regarding the utilization of funds raised through its Further Public Offer (FPO). The company raised ₹552.45 crore, with 100% of the funds initially used as intended. However, due to defaults in shipbuilding contracts, ₹330.65 crore was refunded, which shareholders approved for re-deployment. Currently, ₹196.80 crore has been utilized for acquiring vessels, leaving a balance of ₹133.85 crore. This update reflects management's adaptability to changing circumstances and could be seen as a positive outlook for effective fund management.
All announcements from Shipping Corporation Of India Limited