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SAIL slumps ahead of offer for sale issue

04 Dec 2014 Evaluate

Steel Authority Of India (SAIL) is currently trading at Rs. 83.60, down by 2.05 points or 2.39% from its previous closing of Rs. 85.65 on the BSE.

The scrip opened at Rs. 84.00 and has touched a high and low of Rs. 84.35 and Rs. 82.90 respectively. So far 644266 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 112.90 on 09-Jun-2014 and a 52 week low of Rs. 54.05 on 26-Feb-2014.

Last one week high and low of the scrip stood at Rs. 90.70 and Rs. 85.05 respectively. The current market cap of the company is Rs. 34469.23 crore.

The promoters holding in the company stood at 80.00 % while Institutions and Non-Institutions held 16.51 % and 3.48 % respectively.

Marking the start of disinvestment drive, government would  putting on block 5% stake held in steel major Steel Authority of India (SAIL) on Friday to mop up about Rs 1,700 crore.

The sale of 5% stake or about 20.65 crore shares at the current market price of Rs 85.65 a piece would fetch the exchequer over Rs 1,700 crore. As much as 10% of the offered shares has been reserved for retail investors, who can buy shares worth up to Rs 2 lakh in the share sale. A minimum of 25% of the issue size would be reserved for mutual funds and insurance companies. Further, government has given retail investor 5% discount to bid price.

The SAIL offering would be the first PSU share sale under the new government, which targets to raise Rs 43,425 crore through selling shares in various state-owned firms during current fiscal. The government plans to pare its holdings in host of PSUs. The disinvestment plan includes 5% stake sale in ONGC, 10% in Coal India and 11.36% in NHPC.

SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

SAIL Share Price

173.50 1.95 (1.14%)
17-Apr-2026 16:59 View Price Chart
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