Sirji , Here is the news.
SAIL plans share sale in early Dec: Chairman
Published on Thu, Sep 30, 2010 at 21:57
State-run Steel Authority of India's (SAIL) up to USD 1.9 billion follow-on public offer may hit the market as early as in December, its chairman said.
The market currently values SAIL, India's largest domestic steelmaker, at USD 18.77 billion.
The government plans to sell 5% in the company, while SAIL will issue new shares equal to 5% of its existing share capital. The government owns about 86% in the firm, which can produce 15 million tonnes of steel a year.
"We are planning to do the FPO (follow-on public offer) by early December as it will be winter vacation thereafter," CS Verma told reporters on Thursday.
"If we miss the deadline, then we'll try to bring it by January or early February."
SAIL plans share sale in early Dec: Chairman
Published on Thu, Sep 30, 2010 at 21:57
State-run Steel Authority of India's (SAIL) up to USD 1.9 billion follow-on public offer may hit the market as early as in December, its chairman said.
The market currently values SAIL, India's largest domestic steelmaker, at USD 18.77 billion.
The government plans to sell 5% in the company, while SAIL will issue new shares equal to 5% of its existing share capital. The government owns about 86% in the firm, which can produce 15 million tonnes of steel a year.
"We are planning to do the FPO (follow-on public offer) by early December as it will be winter vacation thereafter," CS Verma told reporters on Thursday.
"If we miss the deadline, then we'll try to bring it by January or early February."
