Shares of SAIL were down nearly 3% at Rs 83 ahead of the partial stake sale by the government on Friday, December 5, 2014.
The government has offered to sell up to 20,65,26,264 equity shares of the face value of Rs. 10/- each, representing 5% of the total paid up equity share capital of Steel Authority of India Limited, the steel major said in a release.
The Offer shall take place during trading hours on a separate window of the Stock Exchanges and shall commence on December 05, 2014 at 9:15AM and shall close on the same date at 3:30PM, the release added.
The stock opened at Rs 84 and touched a low of Rs 82.90 on the Bombay Stock Exchange. At 10AM, over 2.4 million shares were traded on both the stock exchanges.
