Rashtriya Ispat Nigam Ltd (RINL) may file IPO by end September
The Red Herring Prospectus or Final Offer Document of the Rashtriya Ispat Nigam Ltd (RINL)’s delayed IPO may be filed by the end of this month, a senior Steel Ministry official said.
The Steel Ministry is in touch with the Department of Disinvestments to ensure that the whole process is completed before November 15 so as to retain the ‘Navaratna’ status of the steel maker, the official said.
The IPO of the PSU was to hit the market in June.
The launch has already been deferred twice, following suggestions of the merchant bankers in view of subdued market conditions and a fire accident at Vizag Steel Plant (VSP).
“Draft Red Herring Prospectus has already been filed in May. When we were about to file the final offer document that is RHP in July, we were asked to hold on by the DOD.
RINL will be the first PSU to tap the capital market this fiscal. The government is aiming to mop up Rs 2,500 crore by divesting its stake in the company.
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