SAIL FPO can wait: Steel Min

We are ready.

State-run Steel Authority of India is ready with the prospectus for its Rs 8,000 crore follow-on public offer,but the timing of the issue to hit the capital market will depend upon the market conditions.

We are ready. The issue will come as market conditions improve. We can go for it even this year,if the market is stable. Otherwise,we would not go for it, steel secretary P K Mishra told reporters on the sidelines of a Ficci-organised seminar here.

Echoing his view,SAIL chairman C S Verma said though the time available in the current fiscal was very short,but a decision on timing of the issue would be taken after making an assessment of the market conditions.

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One and a half months are still there before the end of the current fiscal. We are ready with red herring prospectus,but not yet filed. It will depend upon market condition, Verma said.

Steel minister Beni Prasad Verma,however,added that the FPO could wait for the next fiscal as time left in the current financial year was very limited. No,no. We will wait. There is very less time left in this fiscal. We are looking at market conditions, the minister said.

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