RINL to Go Ahead with IPO
Published: 03rd November 2014 06:01 AM | Last Updated: 03rd November 2014 06:01 AM | A+A A-
VISAKHAPATNAM: With the revival of its operations, the RINL is confident of going ahead with its proposed IPO and is awaiting the nod from the department of disinvestment for the same.
If all goes well, the Central government is aiming to raise around `2,500 crore through the sale of its 10 per cent stakes in the company. The government will retain 90 per cent of its share in the company.
The proposed IPO has been postponed thrice during the last two years, due to various reasons including opposition from the trade unions, political parties and other concerned citizens.
However, RINL filed an offer document with SEBI for an IPO during the last month. Sources at the steel plant have clarified that the cyclone had no effect on the plans on the IPO and the date of the same will be announced soon after receiving a formal approval from the department of disinvestment.
Official sources maintained that the RINL management is keen on retaining its Navaratna status and might come out with the IPO before November 16.
