The Steel Ministry today said that it will send the 20-per cent share sale proposal of steel maker SAIL to the Cabinet in the next 10 days.
"We will send the 20-per cent Follow-on Public Offer proposal (of SAIL) to the Cabinet within next 10 days," Steel Secretary Atul Chaturvedi told reporters here
The government owns a little over 85 per cent stake in SAIL and is planning to sell 10 per cent of its holding in two phases.
The share-sale proposal, which will also see the company raising 10 per cent fresh equity, is expected to fetch the government and the firm around Rs 9,000 crore each, based on the current share price.
The final amount would, however, depend on the issue price.
The FPO, which awaits government clearance, will come up in the next financial year only.
SAIL stocks were trading at Rs 207 a share, down 0.10 per cent on the BSE.
