The government on Friday said it is targeting to raise Rs 18,000 crore (Rs 180 bilion) through the 20 per cent share sale in the country's largest steel-maker SAIL.
"At current prices, total receipt from the disinvestment and issue of fresh equity would be approximately Rs 18,000 crore," steel minister Virbhadra Singh informed the Rajya Sabha.
The minister, however, said, "the actual amount that would be raised through disinvestment as well as from FPO would depend on a number of factors, including the prevailing market conditions, share price and the investors' interest at the time of the actual disinvestment."
The SAIL counter on Friday closed at 218.55, down 1.38 per cent on the BSE. The government has already approved 20 per cent share sale in the steel major, which will include 10 per cent equity dilution by the government and the company raising fresh equity in the same proportion.
At present the Centre holds about 85 per cent stake in the Navratna steel major. The Centre is likely to go ahead with divestment in 12-15 public sector units, including SAIL, Coal India, Hindustan Copper, SJVNL and EIL among others in the current fiscal to raise about Rs 40,000 crore (Rs 400 bilion).
