SAIL to divest 5% via FPO, expected to come up for Cabinet approval by this month end
2009 November 9
The government will offload 5% stake in Steel Authority of India Ltd (NSE:SAIL). A follow-on public offer (FPO) is expected to come up for Cabinet approval by this month end.
SAIL Chairman SK Roongta, in an exclusive interview with CNBC-TV18, said that the government would offload 5% of its stake in the company while issuing another 5% fresh equity. The total offloading will be to the tune of 20%, he said, which would be carried out in two tranches.
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