The government has decided to sell 10.82 percent stake in the Steel Authority of India Limited (SAIL) through auction, which is estimated to fetch over Rs.4,000 crore to the exchequer.
The decision to sell the stake was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Manmohan Singh, Thursday evening.
The government currently holds 85.82 percent stake in SAIL, the largest domestic steel producing firm.
"After this disinvestment, the government of India shareholding in the company would come down to 75 percent," according to an official statement released Friday.
The government will offload its equity in the company through an "offer of sale of shares" through stock exchanges as per the Securities and Exchange Board of India (SEBI) rules and regulations.
The share price of SAIL rose by 0.80 percent to Rs.94.05 at the Bombay Stock Exchange (BSE) Friday.
The paid up equity capital of SAIL, a listed Maharatna Central Public Sector Enterprise, was Rs.4,130.53 crore as on March 31, 2012.
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