98% of SAIL share auction covered

An auction of a 5.85% stake in state-run Steel Authority of India Ltd was nearly fully covered on Friday, provisional data from the National Stock Exchange showed.

An auction of a 5.85% stake in state-run Steel Authority of India Ltd was nearly fully covered on Friday, provisional data from the National Stock Exchange showed.

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The Indian government was selling 240.4 million shares in the company at a minimum bid price of Rs 63 per share. At 3.30pm, the single-day auction had received bids for 235.3 million shares, or 98% of the shares on offer, at an indicative weighted average price of Rs 63.07 per share.

Final bid numbers will be available later on Friday.