Steel Authority of India (SAIL) has deferred the road shows of its upcoming follow-on public offer (FPO), possibly delaying the company's Rs 4,000-crore follow-on issue.
The board of the company though has approved the red herring prospectus (RHP) for the FPO, have not been able to decide the timing of the offer due to the volatile markets. Earlier, the board had decided to launch the FPO by mid-June.
SAIL's public offer was first lined up last year but was delayed after a controversy arose over its bankers also handling issue of private sector rival Tata Steel. The government has since come up with new regulations that ban bankers managing public sector floats from simultaneously handling offers of private sector firms in the same sector.
