MUMBAI (Reuters) - State-owned steel producer Rashtriya Ispat Nigam Ltd has filed draft papers for an initial public offer of 10 percent of its shares.
The Indian government will sell about 440.1 million equity shares to the public in the offering, according to a draft prospectus on the Securities and Exchange Board of India's website.
The share sale is part of the Indian government's target to raise a record $10.5 billion in asset sales during the fiscal year to March 2015 to help plug its budget deficit.
UBS and Deutsche Bank are the lead managers for the issue.
(Reporting by Aman Shah in Mumbai; Editing by Prateek Chatterjee)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app