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Sunday, September 4, 2011

Rashtriya Ispat Nigam Ltd (RINL) to come up with an IPO

The Government of India owned Rashtriya Ispat Nigam Limited (RINL) (Vizag Steel) is planning to come up with an Initial Public Offer (IPO) of Equity Shares as part of the Goverment's divestment strategy. The Department of Disinvestment in the Ministry of Finance, Government of India has invited request for proposals from merchant bankers to engage Book Running Lead Managers to handle the issue

Rashtriya Ispat Nigam Limited is a wholly owned Government of India enterprise under the administrative control of the Ministry of Steel. The Company, incorporated in February 1982, is involved in the production and marketing of carbon steel products in the long category and basic grade pig iron, through its operating unit at Visakhapatnam, Andhra Pradesh. The present steel production capacity of RINL is 2.9 million tonnes per annum

In order to facilitate the listing of RINL, the Government is considering the disinvestment of 10% paid-up equity share capital of the Company out of Government of India's 100% shareholding, through an Initial Public Offer in the domestic market

Stay tuned for the latest updates on RINL IPO!
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