The much delayed IPO of Rashtriya Ispat Nigam Ltd (RINL) could file its papers by the end of this month or before November 15.
The launch of RINL has already been postponed twice. Poor market conditions at home coupled with global slowdown had made it difficult for the launch of new IPO’s. The steel ministry is looking to complete the disinvestment process as soon as possible to keep the ‘Navratna’ status of the steel maker.
RINL will be the first PSU to tap the capital market this fiscal. The government is aiming to make up to Rs. 2,500 crore by divesting its stake in the company.
Reports from RINL suggest that,"The whole IPO process will take about six weeks. Assuming the process restarts in the fourth week of September, latest by first week of November it will be completed.” |
