SAIL slumps 5% amid report Govt could sell 5% stake by March 2020

Lincoln Wylie

Shares of state-owned Metal Authority of India Ltd (SAIL) slumped 4.8 for every cent to Rs 46.three on the BSE on Monday amid stories that the governing administration could off-load five for every cent of its stake in the company, via an provide for sale, which could fetch about Rs 1,000 crore to the exchequer.

“We are searching at a five for every cent stake sale by way of provide for sale (OFS), but we will assess investor demand from customers in the roadshows… Officials from the Division of Investment and General public Asset Management (DIPAM) and metal ministry are setting up roadshows in Singapore and Hong Kong,” news agency PTI described, quoting an unnamed governing administration formal. Read through REPORT In this article

The Hong Kong roadshow, nevertheless, may well be named off owing to coronavirus outbreak, the report additional.

In accordance to the sharehoding sample of the company, as on December 31, 2019, governing administration held 75 for every cent stake whilst the rest was with community shareholders.

ALSO Read through: SAIL seeks authorization from Odisha, Jharkhand to auction 70 MT fines

The shift is currently being noticed as the government’s very last try at accomplishing its revised divestment concentrate on of Rs 65,000 crore for the latest economic 12 months (FY2019-20). So much this fiscal, Rs 34,000 crore has been mopped up from CPSE stake sale whilst the remaining Rs 31,000 crore has to come in by March-close.

For the quarter finished December 2019, the iron and metal products’ company posted a web earnings of Rs 616 crore, as against a web earnings of Rs forty three crore all through the corresponding interval very last 12 months. It can be turnover for the recently concluded quarter improved by three for every cent o Rs 15,660 crore about the corresponding quarter of the past fiscalof Rs 15,a hundred ninety crore.

Just lately, the company appointed Anirban Dasgupta, the chief executive officer, as Director (Tasks and Enterprise Arranging). Dasgupta replaced G.Vishwakarma, who ceased to be the director publish his superannuation on January 31, 2020.

At nine:50 am, the stock was trading three.five for every cent decreased at Rs 46.ninety five apiece, as against a .forty seven for every cent decrease in the S&P BSE Sensex. A whole of nine.35 million shares have adjusted hands on the counter on the NSE and BSE until the time of crafting of this report.

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