Government To Sell 10.82 Percent Stake In SAIL
New Delhi: The government has decided to sell 10.82 percent stake in the Steel Authority of India Limited (SAIL) through auction, which is estimated to fetch over 
4,000 crore to the exchequer.
The decision to sell the stake was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Manmohan Singh on July 19, 2012.
The government currently holds 85.82 percent stake in SAIL, the largest domestic steel producing firm.
"After this disinvestment, the government of India shareholding in the company would come down to 75 percent," according to an official statement released Friday.
The government will offload its equity in the company through an "offer of sale of shares" through stock exchanges as per the Securities and Exchange Board of India (SEBI) rules and regulations.
The share price of SAIL rose by 0.80 percent to 94.05 at the Bombay Stock Exchange (BSE) Friday.
The paid up equity capital of SAIL, a listed Maharatna Central Public Sector Enterprise, was 4,130.53 crore as on March 31, 2012.
Source: IANS
4,000 crore to the exchequer.
The decision to sell the stake was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Manmohan Singh on July 19, 2012.
The government currently holds 85.82 percent stake in SAIL, the largest domestic steel producing firm.
"After this disinvestment, the government of India shareholding in the company would come down to 75 percent," according to an official statement released Friday.
The government will offload its equity in the company through an "offer of sale of shares" through stock exchanges as per the Securities and Exchange Board of India (SEBI) rules and regulations.
The share price of SAIL rose by 0.80 percent to 94.05 at the Bombay Stock Exchange (BSE) Friday.
The paid up equity capital of SAIL, a listed Maharatna Central Public Sector Enterprise, was 4,130.53 crore as on March 31, 2012.
