Shares of Shipping Corporation of India (SCI) gained nearly 2 percent on Wednesday after the state-owned company fixed March 31 as the record date for the demerger.

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The board of directors of Shipping Corporation of India at its meeting held on March 20 fixed the record date for the demerger of its non-core assets, the public sector undertaking said in a filing to the stock exchanges on Tuesday.

The company’s board has fixed March 31, 2023, as the record date for its demerger.

The record date has been fixed to ascertain the list of eligible shareholders of the PSU firm for allotment of equity shares by Shipping Corporation of India Land and Assets Ltd. (SCILAL), the demerged entity, each credited as fully paid up in the ratio of 1:1, the company informed the bourses.

As part of the strategic-sale process, the government is hiving off Shipping House and the training institute and some other non-core assets of SCI.

As per company' balance sheet, the value of non-core assets held for demerger as of March 31, 2022, was at Rs 2,392 crore.

The board of SCI in August 2021 year had cleared a demerger scheme for hiving off the identified non-core assets and incorporated SCILAL in November 2021, for holding such assets of the PSU company.

Shares of Shipping Corporation of India are currently trading 1 percent higher at Rs 138.25.

(Edited by : Rukmani Krishna)