SAIL disinvestment gets CCEA nod

The Cabinet Committee on Economic Affairs (CCEA), yesterday, approved disinvestment in Steel Authority of India Limited (SAIL) to the extent of 10.82 per cent, a move expected to fetch Rs4,000 crore to the exchequer.

The CCEA, headed by prime minister Manmohan Singh, cleared the SAIL public offer, according to official sources and a formal announcement to the effect would likely to be made today they said.

The share sale process would likely be conducted through the auction route or sale offer that would get the government over Rs4,000 crore.

The Disinvestment Department would decide on the timing of the issue depending on market conditions. The government currently holds 85.82 per cent stake in SAIL.

The company's shares closed at Rs.93.10, down 0.16 per cent over the previous close yesterday.