As part of its disinvestment programme, the government on Friday will kick off dilution of a five per cent stake in Steel Authority of India Ltd (SAIL).
The steel ministry said in a notification to the exchanges late in the evening on Wednesday that it would sell 206.5 million shares in the company through the offer-for-sale (OFS) route.
The offer would open at 9:15 am and close at 3:30 pm on Friday and the ministry would declare the floor price a day before (December 4), the notification said.
The Department of Disinvestment in the finance ministry plans to sell its stake in public-sector undertakings (PSUs) this year through the OFS route, which has at least a 10 per cent quota for retail investors, and takes 15-30 days for regulatory clearances.
At current market price, sale of a five per cent stake in SAIL will fetch the government about Rs 1,740 crore.
The Centre plans to raise Rs 36,925 crore by selling its stake in 10 public-sector undertakings, including behemoths Oil and Natural Gas Corp (ONGC), Coal India and NHPC, and smaller firms like Power Finance Corporation (PFC), Rural Electrification Corporation (REC) and Container Corporation of India (Concor).
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