The sale of 5 percent stake or about 20.65 crore shares at the current market price would fetch the exchequer about Rs 1,900 crore.
Kick starting the process of 5 percent stake sale in Steel Authority of India ( SAIL ), the Disinvestment Department today held meeting with merchant bankers and steel ministry officials to move ahead with it.
"It was a preliminary meeting to discuss the process. No timeline has been decided as yet," sources said. The sale of 5 percent stake or about 20.65 crore shares at the current market price would fetch the exchequer about Rs 1,900 crore.
SAIL shares today closed at Rs 93.10, down 0.85 percent on the BSE.
Government holds 80 percent stake in SAIL. A five percent dilution would help the government meet the minimum 25 percent public shareholding norm of market regulator Sebi. In the interim Budget, the government budgeted to raise Rs 36,925 crore through stake sale in PSUs in the current fiscal. SAIL, with a market capitalisation of over Rs 38,450 crore, would be among the big-ticket divestments.
The Cabinet under the previous United Progressive Alliance (UPA) government had approved divestment of 10.82 per cent stake in SAIL in 2012-13 fiscal. The government had since appointed merchant bankers for the share sale, which include SBI Caps, Kotak Mahindra and Deutsche Bank.
However, later it trimmed the size of stake sale to 5.82 percent, thereby raising over Rs 1,500 crore in March 2013. The Finance Ministry has already asked the Department of Disinvestment (DoD) to complete the groundwork for stake sales in state-owned companies soon after the Budget to take advantage of the bull phase in the stock market.
The benchmark 30-share BSE Sensex has gained 12 percent so far in this financial year.
The DoD has already identified companies for stake sale which include 10 percent in Coal India , 11.6 percent stake in NHPC and 5 percent each in REC and PFC Besides, it will also go ahead with the long-pending sale of its residual stake in Hindustan Zinc and Balco .
SAIL stock price
On June 16, 2014, Steel Authority of India closed at Rs 98.35, up Rs 1.30, or 1.34 percent. The 52-week high of the share was Rs 112.90 and the 52-week low was Rs 37.65.
The company's trailing 12-month (TTM) EPS was at Rs 6.33 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.54. The latest book value of the company is Rs 105.66 per share. At current value, the price-to-book value of the company is 0.93.
Anda sedang membaca artikel tentang
DoD meets SteelMin, merchant bankers on SAIL disinvestment
Dengan url
http://berhentialkohol.blogspot.com/2014/06/dod-meets-steelmin-merchant-bankers-on.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
DoD meets SteelMin, merchant bankers on SAIL disinvestment
namun jangan lupa untuk meletakkan link
DoD meets SteelMin, merchant bankers on SAIL disinvestment
sebagai sumbernya
0 komentar:
Posting Komentar