Following the news reports of Container Corporation of India’s disinvestment, the company’s shares jumped by 10% in a day. The shares hit a record high of Rs 665.05 on October 1 after media reported that Adani Group might be considering acquiring a stake in the company from the union government.
The stock shot up 43% since September 19, especially after the buzz of privatisation and major stake sale in good companies.
“Adani Group is exploring options to bid for government’s stake in Container Corporation”, reported CNBC-TV18 quoting unnamed sources.
The union government, which is looking to sell a 30% stake in CONCOR to strategic investors, owns a 54.8% stake in the company. At current market price, company is valued at Rs 21,360 crore.
Group of Secretaries’ Panel, on September 30, had cleared the divestment of 30% stake in Container Corporation, the Navratna Company under the Indian Ministry of Railways, reports Reuters. The panel also sanctioned sale of entire government shareholding in BPCL, Shipping Corporation of India, NEEPCO and THDC.