SAIL, under the Ministry of Steel, is India’s biggest steel maker
The OFS for non-retail speculators opens on Thursday. While for retail speculators, it will begin on Friday
The focal government has chosen to sell up to 20.65 crore offers or 5% of all out value of Steel Authority of India Limited (SAIL) through an Offer available to be purchased, the organization said on Wednesday. Furthermore, the public authority additionally has a choice to sell up to 20.65 crore portion of SAIL. With this, the public authority would strip 5% value in the firm with a 5% greenshoe choice, DIPAM Secretary said.
The floor cost has been set at ₹64 per share. The OFS for non-retail speculators opens on Thursday. While for retail speculators, it will begin on Friday, DIPAM Secretary said.
The absolute OFS size has been determined at 206,526,264 value portions of the presumptive worth of ₹10 each (Base Offer Size), with an alternative to furthermore sell up to 206,526,264 value portions of the firm (over-membership choice), as per service of steel. With this, the absolute OFS size remains at 413,052,528 offers, which is determined at ₹2,664 crore.
In any event 12.5% of the offer offers will be saved for the portion to retail financial specialists. Aside from this, the public authority referenced that no single bidder other than common supports enrolled with SEBI will be distributed over 25% of the Offer Shares being offering in the offer. At least 25% of the Offer Shares will be held for the common assets and insurance agencies, the organization said.
Aside from these, the public authority expressed that the allotment to retail financial specialists will be made dependent on Cut-off cost — least cost at which the offer offers are sold in the non-retail classification dependent on all substantial offers got on exchange day at stock trades.
DAM Capital Advisors Limited (previously known as IDFC) and ICICI Securities Limited as agents for its sake. DAM Capital Advisors Limited will go about as the settlement agent for the vender’s merchant, SAIL said in the administrative documenting.
SAIL, under the Ministry of Steel, is India’s biggest steel maker with a yearly limit of around 21 million ton for every annum (MTPA). The public authority holds 75% stake in SAIL. It had last sold 5% stake in the steel CPSE in December 2014.
SAIL prior posted 9% development in rough steel yield at 4.37 million ton (MT) during October-December time of the continuous financial year. The organization had created 4 MT unrefined steel in the year-prior period, SAIL said in an assertion. During the period under audit, its all out deals were at 4.32 MT, up around 6 percent from 4.09 MT in the comparing quarter of the former monetary year.