India plans $880 million stake selldown in March: sources

MUMBAI (Reuters) - India plans to sell some of its shares in state-run Steel Authority of India Ltd and National Aluminium Co next month in deals that could raise about $880 million, sources with direct knowledge of the situation said.

The government, which owns about 85.82 percent in SAIL, is expected to divest a 10.82 percent stake in the company, said three of the sources. The stake, to be sold via a share auction, is valued at about $620 million at the current market price.

The government also plans to divest a 12.15 percent stake in National Aluminium, which is valued at about $260 million, early next month depending on the market conditions, two other sources told Reuters.

 

All the sources declined to be named as they were not authorised to speak to the media.

(Reporting by Sumeet Chatterjee; Editing by Aradhana Aravindan)