SAIL stake sale commences on bourses, shares tumble
PTI: New Delhi, Mar 22 2013, 10:14 IST
Cabinet had in July last year approved a 10.82 per cent stake sale of the steel major.
Merchant bankers for the share sale offer include SBI Caps, Kotak Mahindra and Deutsche Bank.
For the third quarter ended December 31, 2012, SAIL reported a 23 per cent decline in net profit at Rs 484 crore from the year-ago period mainly due to lower net sales realisation amid subdued market conditions.
The steel major has a cash balance of over Rs 6,000 crore.
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