Steel Authority of India (SAIL), leading state-run steel maker, Friday announced that the company has sold its entire 26% equity shareholding of 347,49,000 equity shares of Rs 10 each in Bokaro Jaypee Cement, a joint venture company of SAIL and M/s. Jaiprakash Associates to Rangam Securities & Holdings (SRSHL) at Rs 67.50 equity share.
SRSHL is an indirect wholly owned subsidiary of Dalmia Cement (Bharat); a subsidiary of Dalmia Bharat, SAIL has received a sum of Rs 2.34 billion as consideration for sale of the above shares.
Shares of the company declined Rs 2.15, or 2.51%, to trade at Rs 83.50. The total volume of shares traded was 535,895 at the BSE (10.42 a.m., Thursday).