The government expects to garner Rs 1,500 crore from the OFS, which will be conducted on December 5.
The government is set to kick off the divestment drive for FY15 with a small issue. CNBC-TV18 learns that the government will divest 5 percent stake in SAIL this week, as it wants to test the waters before selling large stakes in Coal India and ONGC .
The government, which has 80 percent stake in SAIL, plans to sell up to 206.5 million shares through an auction on the stock exchanges, according to a regulatory filing on Wednesday.
It has informed the exchanges on the SAIL offer for sale (OFS), and the floor price for the offer will be decided on Thursday. The government expects to garner Rs 1,500 crore from the OFS, which will be conducted on December 5.
The sale, worth USD 286 million at the stock's Wednesday close, would mark the first stake sale under the new government, which won a landslide election in May largely on a promise of economic growth.
India, which has targeted to raise about USD 9.5 billion through share sales by March, is counting on a 5 percent stake sale in Oil and Natural Gas Corp and a 10 percent stake sale in Coal India for the bulk of the proceeds.
(With inputs from Reuters)
SAIL stock price
On December 03, 2014, Steel Authority of India closed at Rs 85.65, down Rs 4.2, or 4.67 percent. The 52-week high of the share was Rs 112.90 and the 52-week low was Rs 54.05.
The company's trailing 12-month (TTM) EPS was at Rs 5.24 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 16.35. The latest book value of the company is Rs 103.30 per share. At current value, the price-to-book value of the company is 0.83.
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