Steel Authority of India (SAIL) is trading lower by 1.2% at Rs 64.25 on the Bombay Stock Exchange (BSE) ahead of the government’s stake sale plan via Offer for Sale (OFS) route on Friday.
The government proposes to sell its 5.82% stake or 240 million equity shares in in the steel maker through auction sale tomorrow.
Earlier, the Centre was looking at selling 10% of its holdings in the company, but later it decided to offload the remaining stake in the next financial year at better valuations after the company completes its expansion plans, the newspaper report suggests.
The company, which got the nod of the empowered group of ministers yesterday, will announce the floor price for the offer after the closing of the market hours today, SAIL said in a communication to the exchanges. The offer shall take place on the separate window of the stock exchanges and shall commence on March 22, 2013 at 9.15 A.M. and shall close on the same day at 3.30 P.M., it added.
The stock opened at Rs 63.95 and touched a low of Rs 63.95, its lowest price since December 2008, on BSE. A combined around 453,000 shares have changed hands on the counter in early morning deals on BSE and NSE.
The government proposes to sell its 5.82% stake or 240 million equity shares in in the steel maker through auction sale tomorrow.
Earlier, the Centre was looking at selling 10% of its holdings in the company, but later it decided to offload the remaining stake in the next financial year at better valuations after the company completes its expansion plans, the newspaper report suggests.
The company, which got the nod of the empowered group of ministers yesterday, will announce the floor price for the offer after the closing of the market hours today, SAIL said in a communication to the exchanges. The offer shall take place on the separate window of the stock exchanges and shall commence on March 22, 2013 at 9.15 A.M. and shall close on the same day at 3.30 P.M., it added.
The stock opened at Rs 63.95 and touched a low of Rs 63.95, its lowest price since December 2008, on BSE. A combined around 453,000 shares have changed hands on the counter in early morning deals on BSE and NSE.
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