India Raises $278 Million From Sale of Stake in Steel Authority – Businessweek

India said the sale of a stake in state-run Steel Authority of India Ltd. will fetch $278 million, the first step in a push for $9.5 billion from share sales to help narrow the nation’s budget deficit to a seven-year low.

The disposal of a 5 percent holding in Steel Authority of India is set to generate about 17.15 billion rupees ($278 million) and the offer was more than two times oversubscribed, the Finance Ministry said in a statement today.

“This will give a lot of confidence to the government to come out with disinvestment in other companies,” said R. K. Gupta, managing director at New Delhi-based Taurus Asset Management Co., which oversees $710 million.

via India Raises $278 Million From Sale of Stake in Steel Authority – Businessweek.

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