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Thursday, December 17, 2009

SAIL share sale plan goes to cabinet in 4 weeks

plan for a follow-on public offer in state-run Steel Authority of India Ltd will be send to the cabinet in three to four weeks, the steel secretary said on Thursday.

"We will take about 3-4 weeks...," Atul Chaturvedi told reporters at an industry conference. He declined to say when the share sale was likely but said the government did not want to crowd out the capital markets.

The government plans to sell 20 percent in SAIL, India's top domestic maker of the alloy, in two equal tranches. The first sale is likely to be completed by March, government officials have said.

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