Rashtriya Ispat Nigam (RINL) IPO will open on October 16 and will close on October 18

Rashtriya Ispat Nigam (RINL) IPO will open on October 16 and will close on October 18



The Rs 2,500—crore initial public issue of the Rashtriya Ispat Nigam (RINL) is likely to hit the market on October 16 and will remain open for subscription till October 18.

The IPO, which would mark the kick—off the government’s disinvestment process for the current fiscal, was earlier deferred twice since the filing of the draft documents with the market regulator Sebi on May 18.

The deferment was due to volatile market conditions and fire at its Vizag steel unit.

The government plans to raise Rs 30,000 crore through disinvestments in 2012—13.

The Cabinet Committee on Economic Affairs in January had approved disinvestment of 10 per cent of government’s 100 per cent stake in the firm.