SAIL share sale floor price fixed at Rs. 83

The government’s five per cent stake in steel giant SAIL will be sold at a floor price of Rs. 83 a share on Friday.

“The government expects to garner Rs. 1,500-1,700 crore from SAIL disinvestment. The floor price will be Rs. 83 and retail investors will get a discount of 5 per cent,” an official said after a meeting on SAIL disinvestment in the Finance Ministry.

The SAIL offering would be the first PSU share sale under the new government, which targets to raise Rs. 43,425 crore through share sales in various state-owned companies in the current fiscal.

The floor price indicates a 2.75 per cent discount to the closing price of SAIL shares that ended 0.35 per cent down at Rs. 85.35 on the BSE.