EGoM to meet on SAIL stake sale today

An empowered group of ministers (EGoM) will meet on Wednesday to fix the floor price for sale of over 10 per cent stake in state-run steel major SAIL to be executed likely in the next financial year.

The EGoM chaired by finance minister P Chidambaram will meet Wednesday morning will also decide the date of issue to offload 10.82 per cent stake in the steel maker through offer for sale route,also known as auctioning of shares through the stock exchanges. The government had earlier set the disinvestment target in 2012-13 at Rs 30,000 crore,which was lowered to Rs 27,000 crore in January and to Rs 24,000 crore in the Finance Bill 2013-14.

The disinvestment likely to happen in the first quarter of 2013-14 is expected to fetch the government nearly Rs 3,000 crore,a senior steel ministry official said.

The recent roadshows conducted abroad are understood to have evoked lukewarm response. The roadshows were held in USA,Britain and Singapore besides other countries.