March 22, 2013 5:40 PM

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SAIL: Offer For Sale subscribed 98%, indicative price at Rs 63.07 per share

The truncated share sale by the government in SAIL today received bids for about 98 per cent of the offer size at the close of trading on stock exchanges. The indicative price was 63 rupees 7 paise apiece, that would fetch the exchequer 1,484 crore rupees from the disinvestment, as against the government target of 1,514 crore rupees. According to data from stock exchanges, offers for 23.53 crore shares or 97.9 per cent of the 24.03 crore shares on offer, were received at close of trading hours. The issue was a truncated one as the government nearly halved the offer size to 5.82 per cent, from the Cabinet approved 10.82 per cent, amid a weak trend in the stock market.The share sale would take the proceeds from disinvestment in this fiscal to around 23,800 crore rupees, the highest ever realisation on disinvestment front in a single year.

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