 "SAIL dips 1% as OFS opens")
Shares in Steel Authority of India (SAIL) is trading lower by 1% at Rs 84.40 on BSE in early morning deals as the state-owned company launched its one-day offer-for-sale (OFS) at a floor price of Rs 83 share.
The stock opened at Rs 84.45 and hit a low of Rs 83.50 so far. At 0921 hours, a combined 1.73 million shares changed hands on the counter on BSE and NSE.
Meanwhile, in past three trading sessions, the stock declined 6% from Rs 89.85 after the government announced that it would sell stake in the company through the OFS route.
The government, which has 80% stake in SAIL, plans to sell up to 206.5 million shares or 5% stake through an auction on the stock exchanges.
If shares are sold at Rs 83 a piece, the government will be able to mop Rs 1,714 crore. However, the official said there would be a 5% discount for retail investors. A little over Rs 160 crore worth of shares will be reserved for retail investors, a Business Standard report suggests.
The stock opened at Rs 84.45 and hit a low of Rs 83.50 so far. At 0921 hours, a combined 1.73 million shares changed hands on the counter on BSE and NSE.
Meanwhile, in past three trading sessions, the stock declined 6% from Rs 89.85 after the government announced that it would sell stake in the company through the OFS route.
The government, which has 80% stake in SAIL, plans to sell up to 206.5 million shares or 5% stake through an auction on the stock exchanges.
If shares are sold at Rs 83 a piece, the government will be able to mop Rs 1,714 crore. However, the official said there would be a 5% discount for retail investors. A little over Rs 160 crore worth of shares will be reserved for retail investors, a Business Standard report suggests.
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