Investors will have to wait a little while longer for the much-anticipated follow-on public offer (FPO) of steel giant Steel Authority of India (SAIL). The government, who owns the majority stake in the company, has put its FPO plans on the backburner citing hostile market conditions as the reason.
Speaking exclusively to CNBC-TV18, CS Verma, chairman of SAIL clarified that the FPO has been just put “on hold” and not been deferred. He also does not see the company's capex plans getting impacted due to the FPO uncertainty. "The capex plans will stay at Rs 15,000 crore for the company," he stated.
Commenting on the recent iron ore mining ban in Karnataka, Verma said, SAIL will not be impacted by the issues in the state. "We expect the issue to be resolved soon," he said.
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