SCI to raise fleet funds

PUBLISHED : Wednesday, 02 October, 1996, 12:00am
UPDATED : Wednesday, 02 October, 1996, 12:00am

Shipping Corporation of India (SCI) has delayed plans for an issue of global depository receipts in favour of external borrowing of US$50 million.

The firm said it would try to raise 12 to 13-year floating-rate loans through a syndicate of foreign banks and financial institutions to raise funds for fleet expansion. A senior company official said external borrowing would be cheaper and enable the firm to pay back principal on a yearly or half-yearly basis.