The proposal to sell 20 per cent stake in public sector steel marker SAIL will be taken by the Cabinet by mid-January, Steel Secretary Chaturvedi has said. “The 20 per cent share sale proposal of SAIL will be moved to the Cabinet in next 3-4 weeks,” he said. The draft proposal has been approved by the steel ministry and has now been sent to different ministries for comments.
The stake sale programme for the country’s largest steel maker will see the government sell 10 per cent in the company. SAIL will come out with a public offer in the same proportion, in two phases. The government holds a little over 85 per cent stake in the steel major and plans to raise about Rs 9,000 crore based on share prices, from the proposed disinvestment.
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