Steel Authority Of India Ltd proposes to sell up to ( Offer For Sale -OFS) 206,526,264 equity shares of the face value of Rs. 10/- each ("Base Offer Size") on January 14, 2021 ("T day") (for non-Retail Investors only) and on January 15, 2021 ("T+l day") (for Retail Investors and for non-Retail Investors who choose to carry forward their un-allotted bids) with an option to additionally sell up to 206,526,264 equity shares of the Company (the "Oversubscription Option" and in the event the Oversubscription Option is exercised, the equity shares forming part of the Base Offer Size and the Oversubscription Option will, collectively, hereinafter be referred to as "Offer Shares". In case the Oversubscription Option is not exercised, the equity shares of the Company forming part of the Base Offer Size will hereinafter be referred to as "Offer Shares") through a separate, designated window of the BSE Limited (the "BSE") and the National Stock Exchange of India Limited (the "NSE", and together with the BSE, the "Stock Exchanges"), collectively representing ofthe total paid up equity share capital ofthe Company as on January 13, 2021 (held in dematerialized form in one or more demat accounts with the relevant depository participant), in accordance with in accordance with the OFS Guidelines and the applicable notices and circulars issued by the BSE and NSE, from time to time, in this regard (such offer for sale hereinafter referred to as the "Offer").
Such number of Equity Shares as would be equivalent to up to 5% of the Equity Shares sold pursuant to the Offer (over and above the Offer Shares) may be offered to eligible and willing employees of the Company subsequent to completion of the Offer, in SEBI circular CIR/MRD/DP/65/2017 dated June 27, 2017. The employees will be eligible to apply for Equity Shares up to Rs. 500,000. However, any bids by eligible employees will be considered for allocation, in the first instance, for an amount up to Rs. 200,000.
Provided that in the event of under-subscription in the employee portion, the unsubscribed portion may be allotted on a proportionate basis, for a value in excess of Rs. 200,000, subject to the total allotment to an employee not exceeding Rs. 500,000.
The particulars of the above offer for sale are attached to this notice.
The floor price for the Offer shall be Rs. 64 ( Rupees Sixty Four Only) per Equity Share.
Steel Authority Of India Ltd OFS (Offer For Sale) Detail
| Security Name | STEEL AUTHORITY OF INDIA LIMITED |
| Security Symbol | SAIL |
| Security Code | 500113 |
| ISIN | INE114A01011 |
| Offer Size | 20,65,26,264, |
| Base Offer Size – 20,65,26,264 shares and Additional Option to sell up to 20,65,26,264 shares (Oversubscription Option). Total Shares (Base Size + Green Shoe) 41,30,52,528 shares. The seller shall intimate the stock exchanges of its intention to exercise the oversubscription after trading hours (i.e. on or before 5 pm) on 14th January, 2021 | |
| Retail Offer Size | 12.50 % of Issue Size reserved for Retail |
| Reservation to Retail Investors | 2,58,15,783 |
| |
Base Offer Size 2,58,15,783 shares and Oversubscription Option of 2,58,15,783 shares. Total Shares (Base Size + Green Shoe) 5,16,31,566 shares. |
| Non-Retail Offer Size | 18,07,10,481 shares |
| Base Offer Size 18,07,10,481 shares and Oversubscription Option of 18,07,10,481 shares. Total Shares (Base Size + Green Shoe) 41,30,52,528 shares. | |
| Market Lot | 1 share |
| Tick Size | Rs 0.05 |
| Face Value | Rs 10/- |
| Floor Price | Rs 64.0/- |
| Allocation Methodology | Price Priority Method |
| Bid Opening Date (IC/MF/OTH/NII) | 14th January’2021 |
| Bid Closing Date ( IC/MF/OTH/NII) | 14th January’2021 |
| Bid Opening Date ( RI/RIC )@ | 15th January’2021 |
| Bid Closing Date (RI/RIC) @ | 15th January’2021 |
Steel Authority Of India Ltd OFS Session Details
| LIVE OFS SESSION | Date | Day | FROM | TO |
|---|---|---|---|---|
| Bid Entry Period (IC/MF/OTH/NII) | 14th January’2021 | T | 9.15 AM | 3.30 P.M. |
| Bid Modification and Cancellation | 14th January’2021 | T | 9.15 AM | 3.30 P.M. |
| Give up/Take up | 15th January’2021 | T + 1* | 10.00 AM | 1.00 PM |
| Bid Entry Period (RI/RIC) @ | 15th January’2021 | T + 1 | 9.15 AM | 3.30 P.M. |
| Bid Modification and Cancellation | 15th January’2021 | T + 1 | 9.15 AM | 3.30 P.M. |
| Give up/Take up | 18th January’2021 | T + 2* | 10.00 AM | 1.00 PM |
Steel Authority Of India Ltd Categories for Bidding
| Investor Type | Bidding Category |
Margin Type | Collateral Type for Bidding | Bid Day | Settlement Day |
|---|---|---|---|---|---|
| Retail Investor IND, HUF, NRI (Bid value up to Rs. 2 Lacs) |
RI & RIC | Upfront 100% Margin | Cash & Cash Equivalents | T + 1 | T + 3 |
| Retail Investors – IND, HUF, NRI (Bid value above Rs. 2 Lacs) |
NII | Upfront 100% Margin | Cash | T | T + 1 |
| T + 1* | T + 2 | ||||
| Non-Institutional Investor | NII | Upfront 100% Margin | Cash | T | T + 1 |
| T + 1* | T + 2 | ||||
| Institutional Investor | MF, IC, OTHS | Upfront 100% Margin | Cash | T | T + 1 |
| T + 1* | T + 2 | ||||
| Institutional Investor | MF, IC, OTHS | 0% Margin | Cash | T | T + 2 |
| T + 1* | T + 3 |
Steel Authority Of India Ltd Settlements Details
| T Day’s Bidding | |
|---|---|
| Settlement Type | OFS |
| Settlement Number | 2021044 |
| Non-Retail | |
| Pay-in of funds (For 100% margin bids). | (T+1 Day) 15th January’2021 by 10.00 A.M. |
| Pay-out of Funds / Securities (For 100% margin bids). | (T+1 Day) 15th January’2021 by 12:30 P.M. |
| Settlement Type | OFST2 |
| Pay in funds (For 0% margin bids). | (T+2 Day) 18th January’2021 by 10.00 A.M. |
| Pay out of Funds / Securities ( For 0% margin bids) | (T+2 Day) 18th January’2021 by 12:30 P.M. |
| T+1 Day’s Bidding | |
| Settlement Type | OFS |
| Settlement Number | 2021045 |
| Un-allocated carried forward bids of T day and Retail bids. | |
| Pay-in of funds (For 100% margin bids). | (T+2 Day) 18th January’2021 by 10.00 A.M. |
| Pay-out of Funds / Securities (For 100% margin bids). | (T+2 Day) 18th January’2021 by 12:30 P.M. |
| Settlement Type | OFST2 |
| Pay in funds (For 0% margin bids and Retail bids). | (T+3 Day) 19th January’2021 by 10.00 A.M. |
| Pay out of Funds / Securities (For 0% margin bids and retail bids) | (T+3 Day) 19th January’2021 by 12:30 P.M. |
Please Note:
- Retail Investor shall mean an individual investor who places bids for shares of total value of not more than Rs.2 lakhs
- Retail Investors have an Option to bid in “RI” “RIC” and/or “NII” category. Retail Investors can bid in “RI” and “RIC” Category upto (i.e. less or equal to) Rs 2 lacs Retail Investors can bid in NII category only above Rs. 2 Lacs
- Multiple bidding will be allowed.
- Additionally, Retail Bids bidding in NII category will NOT be allowed below Rs. 2 lacs
- Retail Investors bidding in NII category will not be eligible for discount (if any) offered by Seller(s).
- If the cumulative bid value of a retail investor across Exchanges in “RI” “RIC” and “NII” category exceeds Rs.2 lacs, the bids in the “RI” and” RIC” category shall become ineligible
- If the cumulative bid value of a retail investor in “RI” and “RIC” across Exchanges exceeds Rs. 2 Lacs, all such bids will not be eligible for allocation
- To place Retail Investor bids at Cut Off Price, Users are required to select RIC category
- Cut-off price will be determined based on the bids received on T Day
- Margin will be blocked on Cut-off price of Non-Retail Investors
- There is no change in rule and mechanism for bidding for Other Categories - NII, MF, IC, OTHS
- The un-allocated bids of T day will be available for carry forward in the Un-allocated Bid Book on T+1 day
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