SPONSORED BY

Auto Segment
Mutual Fund Segment
My Budget
Expert Speak
In Association With
 
Business Standard

RINL public issue to hit markets in a fortnight: Disinvestment Secy

Related News

The government plans to launch Rashtriya Ispat Nigam’s (RINL) initial public offering (IPO) within a fortnight, a senior official said on Wednesday.

“The RINL would hit the Street on the second or the third week of July,” said Mohammad Haleem Khan, secretary, Department of Disinvestment. RINL would be the first to tap the capital market this financial year. The government plans to mop up Rs 2,500 crore by divesting stake in the company.

The IPO of the state-owned steelmaker was earlier scheduled to hit the market in June.

Last week, Khan had said the disinvestment department would go ahead with the stake sale of public sector companies, without waiting for the stock market to improve further. “If we have to achieve the target of Rs 30,000 crore this financial year, we cannot wait for the market to improve beyond a point. I think the market has bottomed out,” he had said.

Last month, the RINL management had written to the steel ministry, requesting it to defer the IPO, as the morale of employees had touched a low after a fire broke out at the company's plant in Visakhapatnam plant, killing 19 people, including 12 employees. The merchant bankers for the issue, and Deutsche Equities (India), had also advised the department to defer the issue till September-October, owing to the Visakhapatnam disaster.

RINL had given the draft red herring prospectus for the IPO to the Securities and Exchange Board of India on May 18. In January, the Cabinet Committee on Economic Affairs had approved the disinvestment of 10 per cent of the government's stake in the company.

If the RINL IPO doesn’t hit the market before November, its Navratna status would be at stake. The status, accorded on November 16 2010, is subject to the company being listed in two years from the date of acquiring the status.

Read more on:   
|
|
|
|
|
|
|

Read More

Vodafone disconnects India IPO plan for now

The Initial Public Offer (IPO) of Vodafone India is set to remain in the freezer for some more time. Marten Pieters, managing director and chief ...

Recommended for you

Quick Links

Market News

Govt proposal to halt trading irks market participants

Market raps disinvestment department's proposal to Sebi for suspension of trading in a stock during divestment as ill-conceived, unfair and ...

Worrying signs as global crude oil inventory hits 80-year high

Slippery slope ahead if oil demand and prices don't pick up soon

Nifty holds 8,900 amid choppy trades; FMCG, Pharma shares lead

The 30-share Sensex gained 68 points to end at 29,449 and the 50-share Nifty rose 15 points to close at 8,938.

Sensex ends 78 points higher amid choppy trades, HDFC twins up 2%

Provisionally, the 30-share Sensex gained 78 points to end at 29,458 and the 50-share Nifty rose 13 points to close at 8,936.

HCL Technologies hits new high on strategic alliance with Tele2

The stock up 2% at Rs 2,075, also its record high on BSE.

 

Back to Top