SAIL FPO : May come up in March 2011 now

by khalid on 18/02/2011 · 0 comments

Steel Authority of India Limited (SAIL) may come up with its Follow-on Public Offer (FPO) by March 2011 now. The SAIL FPO was planned to hit the market in February 2011 earlier. The company wants to shed 20 per cent of its paid up capital through this FPO. Steel Authority of India Limited (SAIL) is India’s largest steel producing company. With a turnover of Rs. 43,935 crore, the company is among the four Maharatnas of the country’s Central Public Sector Enterprises. SAIL has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

Earlier the Government had announced that it has cleared the proposed 20 Percent disinvestment in Steel Authority of India Ltd. (SAIL) and it will bring Rs 16000 crores to the Government corpus. There will be two-tranche disinvestment, the government and the company would get Rs 8000 crores each. After this disinvestment, the government’s equity in SAIL will fall to 69% from 89% currently.

Share’s Data :-
BSE Code : 500113
Mkt. Cap: Rs 68,585.29 Crores
Steel Authority of India (SAIL) Ltd. share’s CMP is Rs 166.05 on 17th Feb 2010.

Further Note : The fluctuating markets may further delay the launch of state-run SAIL’s follow-on public offer. The issue, which was scheduled to release this March, may now be launched only in the first week of April, reports CNBC TV18’s Aakansha Sethi quoting sources.

Stay tuned to BelltheBull Blog for more news on Steel Authority of India (SAIL) Limited !

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