SAIL dips 10% after government sets floor price at Rs 64 for OFS

The government has decided to sell up to 206.5 million shares, or 5 per cent of total equity, of SAIL through OFS

Shares of Steel Authority of India (SAIL) dipped 10 per cent to Rs 67.60 on the BSE on Thursday after the government fixed floor price at Rs 64 per share for its 10 per cent stake sale in steel company via offer for sale (OFS). The OFS for non-retail investors opens today, while for retail investors, it will start on Friday.

The floor price for the OFS is at a 14.32 per cent discount to Wednesday's closing price of Rs 74.70.

The government has decided to sell up to 206.5 million shares, or 5 per cent of total