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SAIL declines govt call for dividend, says does not have cash, bank balance

SAIL's refusal could make it harder for the government to meet its budgeted target of raising Rs 1.06 trillion from the dividends

Reuters  |  New Delhi 

State-owned Steel Authority of India Ltd (SAIL) has declined a government call for a dividend for the last financial year, saying it did not have "any cash and bank balance" and that its debt-to-income ratio was much higher than agreed with some lenders, showed an internal document reviewed by Reuters. Shares of the company, which has a market value of around $4.7 billion, were down more than 2 percent after the news in a wider market that was largely flat. SAIL's refusal could make it harder for the government to meet its budgeted target of raising Rs 1.06 trillion ...

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First Published: Sat, September 01 2018. 00:21 IST
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