Steel Authority of India FPO in market by May-end

New Delhi: The much-awaited Rs 8,000 crore follow-on public offer of Steel Authority of India (SAIL) is set to hit the capital market by the end of next month, a source close to the development said.

"The FPO will hit the market by May-end. This is final," the source said on condition of anonymity.

However, attempts to contact SAIL Chairman C S Verma went unanswered.
The FPO of SAIL, in which the government holds a stake of a little over 85 per cent, has failed to meet repeated deadlines since December last year due to unfavourable market conditions and problems with merchant bankers.

The delay in SAIL's FPO thwarted the achievement of the government's divestment target for the previous fiscal.

Compared to the target for Rs 40,000 crore fund generation through disinvestment in state-owned firms, the government could only raise more than Rs 22,000 crore.