Steel Authority of India (SAIL) has informed BSE that the Ministry of Steel has communicated to the company ‘in principle’ approval of the Department of Disinvestment for further public offer equivalent to 10 per cent of existing paid-up equity capital by SAIL as well as disinvestment of equivalent size of equity held by the Government of India in two discrete tranches, each containing five per cent of further public offer plus five per cent offer for sale.
This is subject to fulfilment of certain conditions including obtaining approval of Cabinet Committee on Economic Affairs (CCEA).
After approval of CCEA, the timing for the above offers would be decided considering, inter-alia, SEBI guidelines and prevailing market considerations and also fulfilment of conditions, if any, stipulated in the CCEA approval.
