Member access

4-Traders Homepage  >  Shares  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Steel Authority of India Limited    SAIL   INE114A01011

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

Steel Authority of India Limited : India to Sell 5.82% Stake in Steel Authority Friday

03/20/2013 | 08:44am US/Eastern

By Anant Vijay Kala and Mukesh Jagota

NEW DELHI--India's government plans to sell a 5.82% stake in Steel Authority of India Ltd. (500113.BY) Friday through a public offering, the state-run company said Wednesday.

At the stock's closing price of 65.05 rupees Wednesday on the Bombay Stock Exchange, the government could raise 15.64 billion ($287.7 million) through the sale.

The offer price will be announced after market close Thursday.

The government currently owns 85.82% of Steel Authority, the country's largest steel producer by capacity.

The federal cabinet had earlier allowed the government to sell 10.82% of in the company.

India had targeted raising 300 billion rupees by selling its stakes in state-run companies in the current fiscal year ending this month. Last month the government cut the target to 240 billion rupees. It has so far raised about 225 billion rupees.

The Steel Authority stake sale is likely to be the last for the current fiscal year.

The government has been under pressure to sell stakes to increase its revenue as a slowing economy has hurt tax collections.

However, slowing demand has forced it to go slow on stake sales. Easing fiscal concerns on the back of a sharp cut in government spending since September have also given it room to wait for more favorable market conditions.

Write to Anant Vijay Kala at and Mukesh Jagota at

Recommend :
React to this article
3d ago STEEL AUTHORITY OF INDIA : cos strike spot deals for coking coal
5d ago STEEL AUTHORITY OF INDIA : Sail's new grade of steel to help make lpg cylinders ..
6d ago STEEL AUTHORITY OF INDIA : Sail encashes bank guarantee of sks ispat
04/11 STEEL AUTHORITY OF INDIA : Rsp records best-ever annual production in 2013-2014
04/11 STEEL AUTHORITY OF INDIA : Sail takes legal action against sks ispat
04/08 STEEL AUTHORITY OF INDIA : Rsp records best-ever production in 2013-2014
04/07 STEEL AUTHORITY OF INDIA : Sail sales grow 7% in fiscal 2014
04/05 STEEL AUTHORITY OF INDIA : Secretary reviews SAIL’s sales performance
04/04 STEEL AUTHORITY OF INDIA : SAIL registers growth of 7 % in sales in 2013-14
03/28 STEEL AUTHORITY OF INDIA : SCOPE Chairman Mr CS Verma underscores the cause of g..
Duration : Period :
Steel Authority of India L Technical Analysis Chart | SAIL | INE114A01011 | 4-Traders
Income Statement Evolution
Steel Authority of India L : Income Statement Evolution
More Financials
Dynamic quotes