Government has kicked off its ambitious disinvestment programme with the sale of five per cent stake in steel giant Steel Authority of India Ltd, SAIL at a floor price of 83 rupees per share today. The disinvestment process will help the government to meet its fiscal deficit target for the year. The government has set a target to retain the fiscal deficit at 4.1 per cent of GDP for the year 2014-15. It is expected to garner Rs 1,500 to Rs 1,700 crore from SAIL disinvestment. The SAIL offering would be the first PSU share sale under the new government, which set the target for Rs 58,425 crore this year out of which Rs 43,425 crore will come via share sale in PSUs.Retail investors will get a discount of 5 per cent to the bid price in the SAIL offering. The floor price of Rs 83 per share indicates a 2.75 per cent discount to the closing price of SAIL scrip that ended 0.35 per cent down at Rs 85.35 on the BSE. As much as 10 per cent of the offered shares has been reserved for retail investors, who can buy shares worth up to 2 lakh rupees in the share sale. A minimum of 25 per cent of the issue size would be reserved for mutual funds and insurance companies. The Cabinet had in July 2012 approved a 10.82 per cent stake sale in SAIL. During the previous fiscal 2013-14, the government has raised Rs 1,500 crore from sale of SAIL shares while the entire disinvestment proceeds stood at over Rs 16,000 crore.