SAIL OFS opens for subscription on 14 January 2021. Non-retail investors can put their bids on 14/01/2021 and Retail investors can subscribe on 15/01/2021. In the offer, the government would divest 5% equity, with a 5% greenshoe option. At present, the government holds a 75% stake in SAIL. It had last sold a 5% stake in the steel CPSE in December 2014. The total OFS size has been calculated at 20.6 crore shares of the face value of ₹10 each (base offer size), with an option to additionally sell up to 20.6 crore equity shares. With this, the total OFS goes up to 41.3 crore shares and the government is expected to mobilize ₹2,664 crores.
SAIL OFS Details
| Symbol | SAIL |
| Series – Non Retail | IS |
| Series – Retail | RS |
| Number of shares being offered for sale | Upto 206,526,264 equity shares of Rs 10/- each. (Base Offer Size) and Upto 206,526,264 equity shares (Oversubscription option) |
| Maximum Bid Quantity | Up to 206,526,264 equity shares of Rs 10/- each. (Base Offer Size) and Up to 206,526,264 equity shares (Oversubscription option). The seller shall intimate the stock exchange of its intention to exercise the oversubscription after trading hours (i.e. on or before 5 pm) on January 14, 2021 |
| Allocation Methodology | Price priority basis |
| Name of the Seller (s) | The President of India, acting through and represented by Ministry of Steel, Government of India. |
| Name of the broker (s) on behalf the seller | DAM Capital Advisors Limited and ICICI Securities |
| Face Value | ₹10 |
| ISIN | INE114A01011 |
| Floor Price | ₹64 |
| Date of offer | 14-01-2021 and 15-01-2021 |
| Market Lot | 1 Equity Share |
| Tick Size | ₹0.05 |
| Exchange | BSE & NSE |
| Non Retail Category – Bidding details (IS Series) | |
| Bidding session Date (For IS series) | 14-Jan-2021 |
| Bidding session Time | 09:15 AM to 3:30 PM |
| Series | IS (Non retail category) |
| Date to indicate carry forward of unallocated Bids in Non-retail category | 15-Jan-2021 |
| Carry Forward Timings | 09:15 AM to 3:30 PM |
| Retail category Bidding details (RS Series) | |
| Bidding session Date (For RS series) | 15-Jan-2021 |
| Bidding session Time | 09:15 AM to 3:30 PM |
| Series | RS (Retail category) |
| Reservation portion for Retail | 12.50% of offer size (As per SEBI OFS Guidelines, Retail bids below the cut-off price shall not be eligible for allocation) |
Final Thoughts
SAIL OFS opens for subscription on 14 January 2021. Non-retail investors can put their bids on 14/01/2021 and Retail investors can subscribe on 15/01/2021. Subscribing for the SAIL OFS is purely your personal choice. make a detailed study and make an investment according to your analysis.
Happy Investing