Government to sell up to 10% stake in SAIL via OFS
The government will sell up to 10% of stake held in Steel Authority of India, in a move that is expected to fetch around Rs 2600 crore in disinvestment receipts.
The ministry of steel, the floor price for SAIL via OFS has been set at Rs 64/share which was calculated at 206,526,264 equity shares with the face value of Rs 10 each.
The government on January 13th has confirmed the opening of offer for sale in SAIL for both retail and non-retail investors. Apart from this, the government also mentioned that no single bidder other than mutual funds registered with SEBI will be allocated over 25% of OFS.
SAIL has chosen two securities limited i.e., IDFC and ICICI limited as their brokers on their behalf.
SAIL is India’s largest steel producing industry has an annual capacity of 21.4 million tones per annum to produce crude steel.