SAIL hits a new low
By
Research Desk
about 11 years ago
SAIL hit a new 52-week low at Rs.63.55 and it remains in the red, currently down 1%.
The stock hit a low as worry rises over the floor price. The Govt is going ahead with its Offer for Sale (OFS), scheduled for tomorrow and it will sell 5.82% stake as against the earlier planned 10% stake. The sale will be through the auction route. The OFS will happen on a separate window of the stock exchanges and shall commence on March 22, 2013 at 9.15 A.M. and shall close on the same day at 3.30 P.M.
Post the poor response to Nalco, the Govt is treading cautiously, which is why it cut the offer size, hoping it would get better valuations in FY14. The Govt wants to price SAIL at around Rs.70 while the bankers do not see the price above Rs.60.