MUMBAI (Reuters) - A panel of ministers has approved the sale of a 10.8 percent stake in state-owned Steel Authority of India Ltd through a share auction on March 22, a finance ministry official said on Wednesday.
The base price for the offer is likely to be announced on Thursday.
At the current market price, the stake sale is worth about $540 million.
The share sale is part of the government's divestment drive to help restrict the fiscal deficit to 5.2 percent in the year ending March 31. The government has raised nearly $4.1 billion through the sale of shares in state-owned companies so far this fiscal year.
(Reporting by Prashant Mehra; Editing by Gopakumar Warrier)
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