One of the main shipping companies in India, Bharati Shipyard has announced that it will be selling 15 per cent of its stake to Shipping Corporation of India (SCI).

It is ready with its Expression of Interest and will be filing it very soon. The current market capitalization of Bharati is 636 crore rupees and by selling 15 per cent it will be able to have 95.4 crore rupees.

Talking to media, Vijay Kumar, managing director of the company said that Bharati was interested in selling the stake sale full and final this year. As for the combination of shares he said that the mix would be part new and part old shares.

The funds thus generated will be used for securing the business that has suffered during the economic downturn. It had acquired 49.73 per cent in the Mumbai-based offshore oilfield firm, Great Offshore sometime back by paying 37.25 crore rupees.

It led to major outflow of its resources. Meanwhile, SCI is looking at the stake since it is looking at it as backward integration. It is currently in talks with several companies for starting shipyard though a JV.