SAIL OFS issue subscribed over five times; govt to get Rs 2,664 cr

NEW DELHI: The government is expected to garner Rs 2,664 crore from offloading 10 per stake sale in India's largest steelmaker SAIL through an offer for sale (OFS) which was subscribed over five times on Friday.

The shares sought were 522.89 per cent of the overall issue size on the final day of bidding, as per provisional data available on bourses.

Earlier this week, the government had proposed OFS of 20.6 crore shares of face value of Rs 10 each (base offer size), with an option to additionally sell up to 20.6 crore equity shares. With this, the total OFS size goes up to 41.3 crore shares and government is expected to mobilise Rs 2,664 crore at a floor price of Rs 64 per share.

The indicative price of bids that came in on Friday was Rs 65.75.