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Old 04-08-2010, 08:54 AM
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Default Govt clears 20% stake sale in SAIL, to fetch Rs 16,000 cr

NEW DELHI: The government on Thursday approved a 20 per cent disinvestment in Steel Authority of India Ltd that would fetch a total of Rs 16,000

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Following the two-tranche disinvestment, the government and the company would get Rs 8,000 crore each, Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs.

Post disinvestment, the government's equity will fall to 69 per cent from 85.82 per cent currently.

The stake sale will take place in two tranches of 10 per cent each, Chidambaram said, adding that each time 5 per cent will be through further public offer (FPO) and another 5 per cent through sale of government equity.

SAIL shares were trading at Rs 248.25, down by 2.67 per cent on the BSE.

The government hopes to raise around $9 billion through stake sales in state-run firms in the 2010/11 fiscal year that began on April 1.
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