Roadshows for SAIL stake sale to start by month end

Written by PTI | New Delhi | Updated: Aug 5 2014, 06:03am hrs
Domestic roadshows for 5% disinvestment in SAIL, likely to fetch about R1,800 crore, will start by this month-end while the exercise to attract overseas investors will begin in the first week of September. "The issue will hit the market in the middle of the next month. Keeping that in mind, the department of disinvestment has decided to start domestic roadshows in the last week of August and overseas shows in the first week of next month," a steel ministry source said.

Domestic roadshows for the issue, in which the government's around 20.65 crore shares would be divested through offer for sale, or auction route, will be held in Mumbai and Chennai. Two teams will be sent to meet overseas investors, he said, adding that one would visit London, New York and Boston, and the other would solicit the participation of investors in Singapore and Hong Kong. The government is likely to start with SAIL its R43,425 crore disinvestment target by selling its stake in state-owned firms.