The government Wednesday said it will divest up to five percent of its stake in steel major SAIL (Steel Authority of India Limited).
According to a regulatory filing at the Bombay Stock Exchange (BSE), the government submitted a copy of 'notice of offer' for sale of up to five percent of the total paid up equity share capital of SAIL through a separate window provided by the BSE and NSE.
"The offer shall take place during trading hours on a separate window of the stock exchanges on Dec 5," the notice of offer said.
Scrip of the steel major at the BSE ended Wednesday's trade 4.20 points or 4.67 percent down at Rs.85.65.
The government is hopeful of collecting nearly Rs.43,425 crore from the disinvestment of several PSUs like SAIL this fiscal.
In July 2012, the government approved a 10.82 per cent stake sale in SAIL, of which the first tranche was completed in March 2013.