Member access

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

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 anant.kala@dowjones.com and Mukesh Jagota at mukesh.jagota@dowjones.com

React to this article
Latest news on STEEL AUTHORITY OF INDIA L
04/17 TATA STEEL : Mining cost for steel companies to go up
04/13 Mozambique mine eating into assets of icvl, tatas
04/11 STEEL AUTHORITY OF INDIA : Centre appoints anti-corruption officials in DDA, SAI..
04/11 STEEL AUTHORITY OF INDIA : Centre appoints anti-corruption officials in DDA, SAI..
04/09 RURAL ELECTRIFICATION : REC RAISES Rs2,396 CRORE THROUGH 10-YEAR BONDS; SAIL GET..
04/07 STEEL AUTHORITY OF INDIA : PM DEDICATES TO NATION Rs12,000-CRORE ROURKELA STEEL ..
04/03 STEEL AUTHORITY OF INDIA : Tomar rules out equity participation for sail in nmdc..
04/03 TATA STEEL : Mjunction's journey from froth to fun
04/02 STEEL AUTHORITY OF INDIA : Nmdc, rinl may pick up minority stakes in sail's $3 b..
04/02 STEEL AUTHORITY OF INDIA : Prime Minister hands over PM'S Trophy for best Integr..
Advertisement
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF