The board of directors of The Shipping Corporation of India Limited (BSE:523598) approved the Scheme of Arrangement to spin-off 36.25% stake in Shipping Corporation of India Land and Assets Limited on August 3, 2021. The consideration for proposed Demerger will be discharged by issue of equity shares by resulting company to the equity shareholders of the The Shipping Corporation of India Limited (demerged Company). The scheme provides Share Entitlement Ratio of 1 (one) equity share of the face value of INR 10/- (Rupees ten) each of the Resulting Company for every 1 (one) equity shares of face value of INR 10/- (Rupees Ten) each held in Demerged Company as on record date. Post arrangement, demerged Company will have 63.75% stake in Resulting Company. The listing/admittance of Shipping Corporation of India Land and Assets Limited (Resulting Company) is subject to approval/exemption from SEBI. Resulting Company shall function as an Independent Listed Company. The above Scheme of Arrangement shall be subject to the approval of Ministry of Corporate Affairs (MCA) of relevant jurisdiction, Securities Exchange Board of India (SEBI), Stock Exchange (s), Shareholders and Creditors of all the Companies. The Board of Directors of Shipping Corporation of India Land and Assets Limited in its meeting held on November 16, 2021, has considered and approved the Scheme of Arrangement. The Company is taking necessary actions to obtain all necessary approvals from the Competent Authority/ies to bring this Scheme into effect. BSE Limited and National Stock Exchange of India Limited have issued Observation letters dated March 2, 2022, confirming their No adverse Observation and No Objection respectively to the Scheme of Arrangement. Demerged Company has received requisite approval from Ministry of Ports, Shipping and Waterways (MoPSW) and DIPAM vide their letter dated May 24, 2022 and May 17, 2022, respectively. Meeting of Equity Shareholders of demerged company be held on Tuesday, October 11, 2022. As of October 11, 2022, six unsecured creditors representing 0.3689 percent of the total debt in value held by unsecured creditors, though, voted against the demerger resolution. The Final hearing before the Ministry of Corporate Affairs at New Delhi for obtaining sanction on the Scheme of Arrangement for Demerger is fixed on December 29, 2022 as per the directives of MCA issued during the hearing held on December 16, 2022. As on February 22, 2023, the Ministry of Corporate Affairs has approved the deal. As of March 15, 2023, Shipping Corporation has filed the E-Form INC-28 with the Registrar of Companies. As of March 20, 2023, The board of directors of The Shipping Corporation of India Limited set March 31, 2023, as the record date.

Corporate Professionals Capital Private Limited acted as fairness opinion provider to The Shipping Corporation of India Limited. Big Share Services Private Limited acted as Registrar and Share Transfer Agent to The Shipping Corporation of India Limited.

The board of directors of The Shipping Corporation of India Limited (BSE:523598) completed the spin-off 36.25% stake in Shipping Corporation of India Land and Assets Limited on March 14, 2023.