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Dredging Corporation shares soar on stake sale reports

SNS | New Delhi |

Dredging Corporation of India Ltd (DCI) shares witnessed buying pressure in the late morning trade on Monday amid media reports that the Union government is looking to sell a majority of stake in the shipping company.

“The government is looking to sell a 51 per cent stake in state-run Dredging Corporation of India,” The Economic Times stated quoting two senior government officials.

“A cabinet note has been prepared on this proposal and is being circulated among key ministries for comment,” it added.

The government has 73.47 per cent stake in the company which is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.

Meanwhile, the Bombay Stock Exchange (BSE) on Monday sought clarification from DCI on the media reports.

The BSE said: The exchange has sought clarification from Dredging Corporation of India Ltd on March 06, 2017, with reference to news appeared in Economic Times dated March 06, 2017. "Govt looking to sell 51 per cent stake in Dredging Corp".

The shares of DCI were trading 9.3 per cent higher at Rs.487.10, at 11.50 am.