Govt to sell 5% of SAIL on Friday, may get over $270M

By PTI
03 December, 2014

Kicking off its disinvestment drive, the government will sell 5 per cent of its stake in steel major SAIL on Friday, which could fetch Rs 1,700 crore to the exchequer.

The government will decide on the floor price for the issue tomorrow, SAIL said in a regulatory filing.

The sale of 5 per cent stake or about 20.65 crore shares of Steel Authority of India Ltd (SAIL) at the current market price of around Rs 85.65 apiece would fetch the exchequer over Rs 1,700 crore.

Shares of SAIL ended 4.67 per cent lower at Rs 85.65 on the BSE.

The Cabinet had in July 2012 approved a 10.82 per cent stake sale in SAIL. Accordingly, the first tranche of disinvestment of 5.82 per cent was completed in March 2013.

The Budget 2014-15 proposes to garner Rs 43,425 crore from PSU disinvestment.

The government has lined up a host of PSUs to sell its holding. The disinvestment plan includes 5 per cent stake sale in ONGC, 10 per cent in Coal India and 11.36 per cent in NHPC.


Leave Your Comment
Govt expected to mop up around $4B by selling 10% stake in Coal India on Friday

Govt expected to mop up around $4B by selling 10% stake in Coal India on Friday

PTI 2 years ago
The government will sell up to 10 per cent stake in the blue chip Coal India Ltd (CIL) through offer for sale on Friday and...
Govt to sell 5% each in ONGC, SAIL this fiscal; could fetch over $3B

Govt to sell 5% each in ONGC, SAIL this fiscal; could fetch over $3B

PTI 3 years ago
Finance Ministry is considering to sell 5 per cent stake in ONGC in the current fiscal, which could garner about Rs 17,000 crore to the...
Coal India beats own record with largest public issue; govt to get $3.6B for 10% stake

Coal India beats own record with largest public issue; govt to get $3.6B for 10% stake

PTI 2 years ago
In the biggest ever disinvestment exercise, the government’s 10 per cent stake sale in Coal India on Friday got over subscribed by 1.05 times and...
No Comments

Govt to sell 5% of SAIL on Friday, may get over $270M

Powered by WordPress.com VIP