The Centre will sell up to 10 per cent stake in Steel Authority of India Ltd (SAIL) through offer for sale (OFS).
The OFS will take place on Thursday and Friday.
“Offer for Sale (OFS) in SAIL opens on Thursday (14.1.2021) for non-retail investors. 15th January (Friday) is for retail investors. GoI would divest 5 per cent equity with a 5 per cent greenshoe option,” said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) on Twitter.
The floor price for the OFS has been set at Rs 64 per share.
Shares of SAIL on the BSE closed at Rs 74.70 per share, lower by 1.58 per cent from its previous close on Wednesday.
The government is likely to miss its disinvestment target by a wide margin and the fiscal deficit is not likely to be anywhere near the target of 3.5 per cent of the GDP in 2020-21 (April 2020 to March 2021). While privatisation of firms such as Bharat Petroleum Corporation Ltd (BPCL) and Air India has been pushed to the next fiscal due to COVID-19-related delays, tax collections have been hit hard as restrictions imposed to curb coronavirus dented incomes all around.
Source : We For News
