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Friday, September 23, 2011

SAIL FPO put on hold

The Follow-on Public Offer (FPO) of Steel Authority of India Limited (SAIL) has been put on hold for the time being.

Rana Som, chairman and managing director of SAIL said, the follow-on public offer has not been deferred, it is not on backburner. “We have put it on hold. We are just waiting for the good time. We are waiting for stable market conditions,” he added. He further said, the market is very volatile. “Let the market condition become more conducive and then we will bring our FPO.”

SAIL is a public sector company and the largest integrated iron and steel producer in India. Steel Authority of India Limited (SAIL) is one of the largest state-owned steel makers in India and one of the top steel makers in World. With a turnover of 48,681 crore, the company is among the top five highest profit earning corporates of the country




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