Dredging Corporation rises 3% on disinvestment of govt stake

Shares of Dredging Corporation India gained 3 percent on Wednesday after company gets approval for disinvestment Government of India’s shares in the company.

Ministry of Shipping communicated in-principal approval of Cabinet for strategic disinvestment of 100 percent Government of India shares in company in favour of a consortium of four ports, namely Vishakhapatnam Port Trust (as the consortium leader), Paradip Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust (now Deendayal Port Trust).

Visakhapatnam Port Trust would lead the consortium.

Government of India holds 73.47 percent of the paid up share capital of the company of Rs 28 crore.

Shares of Dredging Corporation India ended 2.95 percent higher at Rs 368.10 on the BSE.

The share touched its 52-week high Rs 920 and 52-week low Rs 286.60 on 08 January, 2018 and 09 October, 2018, respectively.

Currently, it is trading 59.22 percent below its 52-week high and 30.91 percent above its 52-week low.

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