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This is an archive article published on March 8, 2013

SAIL divestment on March 20,Nalco share sale next week

The governments 12.15 per cent stake sale in Nalco is likely next week and 10.82 per cent disinvestment in SAIL may take place on March 20,sources said.

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The governments 12.15 per cent stake sale in Nalco is likely next week and 10.82 per cent disinvestment in SAIL may take place on March 20,sources said.

With the two issues,the government will be selling part of its stake in four public sector firms in a span of two weeks,as the public offer to sell 12.5 per cent stake in Rashtriya Chemical and Fertilisers is scheduled to be launched on Friday. Besides,stake sale in trading major MMTC is expected to happen on March 14.

Through the four issues,proposed to hit the market via the offer for sale OFS route,the government is expected to garner about Rs 5,000-5,500 crore,if subscribed fully. The SAIL issue alone is expected to garner over Rs 3,000 crore.

Date of stake sale in SAIL has been planned for March 20 and the empowered group of ministers,headed by finance minister P Chidambaram,will meet a day before to decide the floor price of the issue, a source in the government said.

Another person,who is familiar with the Nalco stake sale plan,said the EGoM is likely to meet on March 12 to decide the floor price for the proposed divestment in the company. The issue will hit the markets next week itself.

Post stake sale,the governments stake would come down to 75 per cent in both the firms,SAIL and Nalco,if subscribed fully.

 

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