SAIL's FPO likely in mid-January

MUMBAI: State-run Steel Authority of India (SAIL)'s follow-on public offer is likely to hit the market in mid-January, a senior Government official said.

"Cabinet approval for the FPO has already been received and we hope that it will hit the market in mid-January next year," Joint Secretary of Ministry of Steel, Dr Dalip Singh, told reporters here today.

The Government has already diluted its stake in two companies - National Mineral Development Corporation (NMEC) and Manganese Ore India (MOIL).

"Rashtriya Ispat Nigam (RINL), which has been given the Navratna tag by the Finance Ministry, is next on board. We have given the company two years for getting listed," he said.