The Central government will sell up to 10% value in Steel Authority of India (SAIL) through a proposal available to be purchased scheduled for January 14 and January 15, reports said. The public authority will offer 5% value with the alternative to sell further value of 5% in the event of an over-membership, Economic Times announced.
In an administrative recording on Wednesday, the public authority said it will sell up to 20.65 crore offers or 5% of the all-ou value in the focal public area endeavor.
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The division of speculation and resource the board (DIPAM) secretary said on Wednesday that the OFS in SAIL would open for non-retail financial specialists on January 14 and for retail speculators on January 15.
The public authority holds a 75 percent stake in SAIL, India's biggest steelmaker with a yearly limit of around 21 million tons for every annum (MTPA). It had last sold a 5% stake in the steel CPSE in December 2014.
The floor cost for SAIL OFS has been set at Rs 64 for each value share for 206,526,264 value imparts to a choice to furthermore sell partakes on account of overs membership. The public authority intends to raise up to Rs 2,664 crore with the value deal.
The SAIL shares fell over 7% on Thursday and were exchanging at Rs 69.35, a fall of Rs 5.35 (7.16%), at 11:30 am.
The public authority had declared the arrangement to sell a 5% stake in SAIL through a proposal available to be purchased to bring Rs 1,000 crore up in February a year ago however the arrangement was racked after the COVID-19 episode.
Source: FreePresss
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