SAIL hits 4-year low ahead of decision on stake sale floor price
The empowered group of ministers likely to meet today to finalise the floor price of offer for sale to sell 10.82% government stake in the company.
Steel Authority of India (SAIL) is trading lower by 3.3% at Rs 65.45 on BSE ahead of the empowered group of ministers (EGoM) meeting today to finalise the floor price of offer for sale (OFS) to sell 10.82% government stake in the company.
"Date of stake sale in SAIL has been planned for March 20 and the EGoM, headed by Finance Minister P Chidambaram, will meet a day before to decide the floor price of the issue," the PTI report suggests.
The government currently holds an 85.82% stake in SAIL. Post stake sale, the government's stake in metal-producing company would come down to 75%, if subscribed fully.
The stock opened at Rs 67.40 and touched a low of Rs 64.60, its lowest price since December 2008, on BSE. As many as a combined 4.3 million shares have already changed hands on the counter till 1044 hours against an average sub four million shares that were traded daily in past two weeks on BSE and NSE.
"Date of stake sale in SAIL has been planned for March 20 and the EGoM, headed by Finance Minister P Chidambaram, will meet a day before to decide the floor price of the issue," the PTI report suggests.
The government currently holds an 85.82% stake in SAIL. Post stake sale, the government's stake in metal-producing company would come down to 75%, if subscribed fully.
The stock opened at Rs 67.40 and touched a low of Rs 64.60, its lowest price since December 2008, on BSE. As many as a combined 4.3 million shares have already changed hands on the counter till 1044 hours against an average sub four million shares that were traded daily in past two weeks on BSE and NSE.