The authorities has determined to promote as much as 20.65 crore shares or 5 per cent of complete fairness of Steel Authority of India Limited (SAIL) by a suggestion on the market (OFS), the corporate stated in a regulatory submitting on Wednesday. The centre additionally has an greenshoe choice to promote a further 20.65 crore shares within the firm.
The authorities has set ground value of the proposed share sale at Rs 64 per share. The OFS for non-retail traders will open on Thursday and OFS for retail traders will begin on Friday.
At least 12.5 per cent of the provide shares will probably be reserved for retail traders and a minimal 25 per cent of the shares will probably be reserved for the mutual funds and insurance coverage firms, the corporate stated. No single bidder aside from mutual funds registered with SEBI will probably be allotted greater than 25 per cent of the shares.
SAIL is India’s largest metal producer, with an annual capability of about 21 million tonne each year (MTPA). The authorities holds 75 per cent stake within the metal main.
At 10 am, the shares of SAIL had been buying and selling decrease by 8.four per cent at Rs 68.40 on the BSE. The BSE Sensex was at 49,342.90, decrease by 146.25 factors or 0.28 per cent and the NSE Nifty was at 14,525.45, down 39.65 factors or 0.29 per cent.