The Indian government plans to offload a 5.82% stake in the state-owned Steel Authority of India through a public offering on 22 March 2013.

The government currently owns 85.82% in the steel major and plans to raise approximately INR15.64bn ($287.7m) through the divesture, going by the closing price on 20 March 2013.

The actual offer price is however expected to be announced after the market closure on 21 March, reported The Wall Street Journal.

The government had earlier stated that it will sell a 10.82% stake in the company before settling down at a 5.82% sale.

Disinvestment in the public sector company is part of the government’s plan to raise INR300bn ($5.5bn) by 31 March 2013 to meet federal expenditures; thus far, it has raised INR225bn ($4.13bn).