Press Information Bureau

Government of India

Ministry of Finance

20-July-2012 10:36 IST

Disinvestment of 10.82% paid up equity in Steel Authority of India Limited out of Government of India shareholding of 85.82 percent

The Cabinet Committee on Economic Affairs has approved the disinvestment of 10.82% equity of Steel Authority of India Limited (SAIL) out of Government of India shareholding of 85.82% through an Offer of Sale of shares through stock exchanges as per SEBI Rules and Regulations. After this disinvestment Government of India shareholding in the company would come down to 75%.

The paid up equity capital of the company, as on 31st March, 2012 was Rs.4130.53 crore. SAIL is a listed Maharatna Central Public Sector Enterprise and is the largest domestic steel producing company. It is also engaged in the business of mining, production and marketing of iron and steel.

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SH/RK/SK

Disinvestment of equity stake via Offer of Sale under SEBI rules, reducing government shareholding in a Maharatna public enterprise. Approval is granted for the disinvestment of a specified portion of the Government of India's paid-up equity in Steel Authority of India Limited by means of an Offer of Sale through stock exchanges, to be conducted in conformity with SEBI rules and regulations, reducing the government's equity stake in the company; SAIL is a listed Maharatna Central Public Sector Enterprise engaged in mining, production and marketing of iron and steel, with paid-up equity capital stated as at the accounting date.