SAIL stake sale plan to be placed in Cabinet soon

20 per cent share sale proposal in Steel Authority of India Ltd will be taken to the Cabinet by mid-January, according to the Steel Secretary on the sidelines of the FICCI Steel Summit. The draft proposal has been approved by the Steel Ministry and is now been sent to different ministries for comments. 
 
The share sale will see the Government offloading 10 per cent stake in the company and SAIL coming out with a public offer in the same proportion, in two phases. The Government at present holds a little over 85 per cent stake in the steel major and plans to mop up about Rs 9,000 crore based on SAIL’s share price, from the proposed disinvestment.