The Cabinet Committee on Economic Affairs (CCEA), on Thursday, approved the disinvestment in Steel Authority of India Limited (SAIL) to the tune of 10.82 per cent, a move likely to fetch around Rs.4,000 crore to the exchequer.
The CCEA, headed by Prime Minister Manmohan Singh, cleared the SAIL public offer, official sources said. A formal announcement in this regard is likely to be made on Friday.
The share sale process will be conducted through the auction route or offer for sale will get over Rs.4,000 crore to the government.
The Disinvestment Department will decide on the timing of the issue depending on market conditions. The government at present holds 85.82 per cent stake in SAIL. Shares of SAIL closed at Rs.93.10, down 0.16 per cent over the previous close.