Monday, October 1, 2012

Rashtriya Ispat Nigam (RINL) IPO

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Rashtriya Ispat Nigam (RINL) IPO Details
Rashtriya Ispat Nigam (RINL), a Visakhapatnam steel plant, is planning to divest Rs 2500 crore through an initial public offer. The company also known as Vizag Steel, is an Indian government-owned steel producer. Based in Visakhapatnam, RINL has been awarded the Navaratna status, with accompanying autonomy of operations, due to its strong financial performance. RINL operates a 3 million tonne per annum capacity steel plant in Visakhapatnam. The government plans to raise Rs 30,000 crore through disinvestments in 2012-13.

Two teams have been sent abroad to conduct road shows in the US, the UK, Singapore and Hong Kong from 2nd October to 4th October, 2012. The roadshows in Mumbai and Chennai will be conducted after completion of the overseas campaign.

The IPO is expected to hit the market on October 16 after finalisation of issue band by the Empowered Group of Ministers on October 9. The trade unions of RINL have called for strike on October 12 and 13 in protest against disinvestment.

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