SAIL issue subscribed 97.90% till 13:30 hrs

SAIL issue subscribed 97.90% till 13:30 hrs

Last Updated: Fri, Mar 22, 2013 10:35 hrs
Labourers work inside a steel factory on the outskirts of Agartala

State-owned steel major SAIL 's issue has been subscribed about 97.90% of the total stake that is on offer for sale at 15:30 hours, amounting to bids around worth Rs 1,482 crore.

The OFS of SAIL shares, which started at 9.15 am, had received total bids for 23.53 crore shares at the floor price of Rs 63 per share till 15:30 hours.

The OFS got 19.06% bids in the last 15 minutes of trade.

The company scrip, at Rs 63.45 on the BSE at 15:00 hours, was down 0.70% from its previous close.

The government, which is selling its 5.82% stake in the company, would garner about Rs 1,514 crore from the stake sale, if it gets fully subscribed.

The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, yesterday decided on pricing of 24.03 crore share or 5.82% stake sale of the country's largest steel producer through the OFS route.

The auction, if subscribed fully, would take the proceeds from disinvestment in this fiscal to at least Rs 23,800 crore, the highest ever realisation on disinvestment front in a single year. It would be, however, a tad less than the revised estimates of Rs 24,000 crore.

SAIL stock has lost 8% in the last one week and over 30% since March last year.

The government currently holds 85.82% stake in the company.

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