GE Shipping gets approval to incorporate wholly owned subsidiary

Incorporating wholly owned subsidiary

Great Eastern Shipping Company (GE Shipping) has received approval to incorporate a wholly owned subsidiary (WOS) in International Financial Services Centre (IFSC) at Gift City, Gandhinagar, Gujarat with the main object of ship leasing which shall include owning, operating and chartering of vessels and other permissible activities. The authorized equity share capital of the proposed WOS shall be Rs 50 crore.

The initial paid-up equity share capital shall be Rs 9 crore to be subscribed by the company for cash. The name of the WOS shall be ‘The Great Eastern Shipping (IFSC)’ or such name as may be approved by the Registrar of Companies. The Board of Directors of the company at their meeting held March 15, 2024, has approved the same.

Company profile

Incorporated in 1948, Great Eastern Shipping Company is the oldest and largest private shipping company in India in terms of tonnage capacity, with a fleet size of 43 vessels (3.41 mn DWT, as on 31 Dec 2023) in the shipping division and 19 vessels and 4 jack-up rigs in the offshore division. The company offers a wide range of services, including the transportation of crude oil, petroleum products, gas and dry bulk commodities in its shipping division, as well as carrying out offshore exploration and production activities by providing exploratory drilling rigs and offshore support vessels, among others through its 100% subsidiary Greatship (India) Ltd.

Stock price movement

Today, the GE Shipping stock opened at Rs 969.45 and has touched a high and low of Rs 974.95 and Rs 954.65 respectively. The BSE group ‘A’ stock of face value Rs 10 has a 52-week high and low of Rs 1,051.50 and Rs 569.55, respectively. Last one week high and low of the scrip stood at Rs 1007.25 and Rs 890.05 respectively. The current market cap of the company is Rs 14,213.86 crore.

The promoters holding in the company stood at 30.07%, while Institutions and Non-Institutions held 43.15% and 26.78% respectively.

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