SAIL Slips Over 5% Amid Reports Of Govt Stake Sale
Business
oi-Olga Robert
By Staff
On Monday, shares of Steel Authority of India (SAIL) Ltd fell by 5.2 percent to Rs 46.10 on NSE amid reports on government's stake sale in the company. On Sunday, a PTI report citing an official said that the government is planning to sell 5 percent stake in SAIL through an offer for sale, which could fetch about Rs 1,000 crore to the exchequer.
The Department of Investment and Public Asset Management (DIPAM) and steel ministry are planning roadshows in Singapore and Hong Kong for the stake sale. The Hong Kong roadshow may be called off due to coronavirus outbreak.
"We are looking at a 5 percent stake sale via offer for sale (OFS), but we will assess investor demand in the roadshows," the news report quoted an official saying.
The government currently holds 75 percent stake in SAIL. It had last sold 5 percent stake in the steel central public sector enterprise in December 2014.
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