Much awaited follow up public offer (FPO) of the Steel Authority of India Ltd (SAIL) can come to the market only by January next year and not before that.

This, said a high official with the Steel Ministry, because some of the regulatory modalities are yet to get over and so the FPO had to be postponed. Earlier, the FPO was expected to come up by November.

Talking to media, the official further added that as such SAIL at present is not in dire need of funding and so it is best not to go for something in a haphazard manner. The government is waiting for the market to become apt before selling stake in the Navratna Company.

As of now, SAIL needs to cut down its board and also take in two new independent directors to be able to come to the markets. Such a change needs clearance from the Prime Minister's office.

Also November is risky given the fact that the Western countries go for Christmas break around that time. And since most of the money is expected to be raised through investors from these areas, it is better to wait.