SAIL FPO Will Reach Market In January
SAIL (Steel Authority of India ltd ) FPO (follow-on public offer ) will probably reach the stock market in January, based on Steel Ministry officials. With several methods yet to be finished, the follow-on public offer issue might be delayed to Jan instead of the November.
Govt notified it has cleared the planned 20 % disinvestment in Steel Authority of India Ltd ,that will get a total of Rs 16,000 crore .They’ll continue with the two tranche disinvestment, the government as well as the firm would obtain Rs 8,000 crore each.Post disinvestment, the indian government’s equity share will drop up to 69 % from 85.82 % presently.
The firm doesn’t quickly need funding therefore even if the FPO is postponed to January month presently there shouldn’t be any difficulty. We’re not looking to rush the stock sale procedure and we’ll take action when the share market situations are proper a ministry official told Business Line.
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