Government is planning to sell 5% stake in Steel Authority of India Ltd (SAIL) through an offer for sale, which could fetch about Rs 1,000 crore to the exchequer.
Officials from the Department of Investment and Public Asset Management (DIPAM) and steel ministry are planning roadshows in Singapore and Hong Kong for SAIL stake sale. However, the Hong Kong roadshow might be called off due to coronavirus outbreak.
In another development, the government may notify the merger of 10 public sector banks to create four big lenders. As per news source, people familiar with this development also said that they have completed the groundwork for the same.
After it is notified, the respective bank boards will meet to give their customary final approval and fix the all-important swap ratio for the mergers.
"We are expecting the government to notify the merger this week," United Bank of India managing director Ashok Kumar Pradhan told a publication.
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