SAIL expects to raise Rs 35 bn from share sale

Posted By: Religare
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SAIL expects to raise Rs 35 bn from share sale
Government owned Steel Authority of India"s (SAIL) chairman C S Verma stated that the company expects to raise around Rs 3,500 crore from a share sale. SAIL's board is meeting on 23 May"11 to finalise its regulatory filing and the exact dates for the share sale Also, he added that the steel production and sales during the current quarter is expected to be higher than the previous year.

Also, SAIL's has stated that in its board meeting it has decided to finalise its regulatory filing and the dates to launch the share sale, which is likely to scheduled on June 14 and close on June 17. The steel major will issue new shares equal to 5 per cent of its existing share capital in the follow-on public offer.

Besides, SAIL is looking increase its capacity to 20 million tonnes a year by the end of this fiscal, and to 24 million tonnes by March 2013, by spending nearly $15 billion and about 70 percent of the capital expenditure will be funded through internal accruals and the remainder through borrowing.

Read more about: metal, bse, nse
Story first published: Monday, May 23, 2011, 9:31 [IST]
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