Source :RAJESH ROY:the Wallstreet Journal:JANUARY 5, 2011, 2:11 A.M. ET
Steel Authority of India Ltd. expects to float the first tranche of its follow-on public offering in the second week of February, Chairman C.S. Verma said Wednesday.
The federal government has decided to divest 10% of its stake in SAIL, while the state-run company will issue additional shares worth 10% of the expanded equity base, in two tranches. Both tranches together are expected to raise a total of 180 billion rupees ($3.99 billion).
The government now holds an 85.82% stake in the steel company.
The company expects to file the initial share prospectus with the securities market regulator on Jan. 20, Mr. Verma said.
Speaking about the company's proposed joint venture with South Korean steelmaker POSCO, he said "modalities [of the JV] are being worked out."
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