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

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

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03/20/2013 | 02:44pm CET

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

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Financials ( INR)
Sales 2017 485 433 M
EBIT 2017 -9 588 M
Net income 2017 -17 031 M
Debt 2017 378 500 M
Yield 2017 1,73%
P/E ratio 2017 -
P/E ratio 2018 54,35
EV / Sales 2017 1,27x
EV / Sales 2018 1,09x
Capitalization 240 190 M
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Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 20
Average target price 36,6  INR
Spread / Average Target -37%
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Managers
NameTitle
P. K. Singh Chairman & Managing Director
Anil Kumar Chaudhary Executive Director & Finance Director
Sashi Sekhar Mohanty Executive Director & Technical Director
S. K. Gupta Director-Medical & Health Services
Binod Kumar Independent Non-Executive Director
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Sector and Competitors
1st jan.Capitalization (M$)
STEEL AUTHORITY OF IND..0.00%3 607
VALE SA28.88%49 340
ARCELORMITTAL9.11%24 790
NIPPON STEEL & SUMITOM..3.98%22 364
POSCO--.--%20 748
NUCOR CORPORATION2.47%19 157
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