After the decision of selling over 50% stake in BPCL and selling stakes in the LIC government is going the same way with SAIL. As per reports, the government is planning to sell a 5 percent stake in the Steel Authority of India Ltd (SAIL).
The sale of stakes would fetch the government about Rs 1,000 crore. Officials from the Department of Investment and Public Asset Management (DIPAM) informed. At present, the government holds a 75 percent stake in SAIL. In December 2014 government last sold its stake in the Public Sector Enterprise.
In 2014 also government sold a 5% stake. ” We are looking at a 5 percent stake sale via offer for sale (OFS), but we will assess investor demand in the roadshows’, said officials. The DIPAM and Steel Ministry has planned roadshows in Singapore and Hong Kong for SAIL stake sale.
The Hongkong roadshow is likely to be canceled as a result of Coronavirus spread. The sale would take place soon as the government needs to achieve its target. The government strives to achieve Rs 65,000 crore disinvestment target set in the revised estimates this fiscal. In the recent budget, the government for the 1st time since Independence called for selling its stake in LIC.