Five law firms including Amarchand & Mangaldas, Luthra & Luthra, S & R Associates, Crawford Bayley & Co and Fox Mandal have been selected to pitch for the SAIL (Steel Authority of India) first phase 10 per cent share disinvestment, expecting to enrich the Exchequer by Rs 8,000 crores, reported the Economic Times.

A panel consisting of officials from the Department of Disinvestment, Steel Ministry and SAIL announced the names of these firms that will now compete for making the final bids for securing the contract.

The Government has planned for divesting 5 per cent of its share stake, while the Steel Company shall issue an additional stock totalling 5 per cent extra stake through a follow-on public offer that is likely to hit the market next calendar year, reported the Economic Times.

Law firms have been pitching hard and low on fee-quotes to secure disinvestment mandates over the past year.