ZEEBIZ.com 18 September 2012
State owned Rashtriya Ispat Nigam (RIL) is coming out with its Rs 2,500 crore IPO on October 16 and will be available for subscription till October 18. The IPO will be a bell ringer for the government’s divestment process for the current fiscal. The IPO was earlier deferred twice since it filed its documents with Sebi May 18 owing 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. RINL has been asked by the Department of Disinvestment (DoD) to submit the Red Herring Prospectus (RHP) with the SEBI on September 24. UBS Securities India Private Limited and Deutsche Equities (India) Private Limited are the book running lead manager to the issue. Karvy Computershare Private Limited is the registrar.
Rashtriya Ispat Nigam Limited – Visakhapatnam Steel Plant (RINL-VSP) popularly known as ‘Vizag Steel’ the ‘Pride of Steel’, a leading Central PSU under the Ministry of Steel is the first shore based Integrated Steel Plant in the country.