SAIL stake sale approved by Government - Indian IPO Blog

Thursday, April 8, 2010

SAIL stake sale approved by Government

The Government has approved the stake sail in Steel Authority of India (SAIL) through a follow-on public offer. After the stake sale, which will happen in two tranches, with each tranche having a 5 percent government stake and a 5 percent fresh equity issuance, the Government's stake in SAIL will fall to 69% from current stake of 85.8%

SAIL is India's largest steel producing company. SAIL has five integrated steel plants, three special plants, and one subsidiary in different parts of the country. SAIL is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets,

SAIL manufactures and sells a broad range of steel products, including hot and cold rolled sheets and coils, galvanised sheets, electrical sheets, structurals, railway products, plates, bars and rods, stainless steel and other alloy steels, according to information available on Company's website

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