Central government to sell its stake of another company

Jan 14 2021 03:19 PM
Central government to sell its stake of another company

New Delhi: The Central government is now planning to sell its stake from another government company to meet the disinvestment target. The government has said that it would sell a stake of up to 10% in public sector steel manufacturing company SAIL. The stock market sales offer (OFS) opened on Thursday. With this disinvestment, the government is expecting a capital of Rs. 2,664 crore.

In this context, Secretary, Department of Investment and Public Property Management (Deepam), Tuhin Kant Pandey, in a tweet, said, "Sail's sale offer for non-retail investors will open on Thursday (January 14). For retail investors, it will start on 15th January. The government will sell 10% stake and the option to sell 5% additional stake is open. '

The government now has a 75% stake in SAIL. The government had sold 5% stake of SAIL in December 2014. The base rate for SAIL's sale offer has been fixed at Rs. 64 per share. The budget for the financial year 2020-21 had set a target of raising Rs 2.1 lakh crore through disinvestment. Selling the stake will help the government to reduce the distance of the disinvestment target.

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