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Holding in SAIL by 20%

The government is set to dilute its holding in Steel Authority of India Ltd by 20%. While the company will make a fresh issue of 10% equity, the government will divest 10% of its stake. At current prices, the combined 20% sale would raise almost Rs 17,000 crore from the market.

The fresh issue will be used to part-finance SAIL’s Rs 70,000-crore expansion program. Steel minister Virbhadra Singh, in a written statement to the Lok Sabha, said the disinvestment would be in two tranches of 10% each, and be a mix of fresh issue and sale of government shares. Full News...
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