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The Rs 2,500—crore initial public issue of the Rashtriya Ispat Nigam (RINL) is likely to hit the market on October 16 and will remain open for subscription till October 18.
The IPO, which would mark the kick—off the government’s disinvestment process for the current fiscal, was earlier deferred twice since the filing of the draft documents with the market regulator Sebi on May 18.
The deferment was due 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.
“The RINL IPO will hit the market on October 16 and close on October 18. The listing of the shares in the bourses will be done on October 31. The IPO is to raise Rs 2,500 crore,” a source in the know told PTI.
RINL has been asked by the Department of Disinvestment (DoD) to submit the Red Herring Prospectus (RHP) with the SEBI on September 24.
The issue price would be finalised at a meeting of the Empowered Group of Ministers (EGoM), likely on October 8, and be made public the next day.
“The management roadshows would be held from September 27 to October 4,” the source said, adding RINL has to bring out IPO before November to retain its Navratna status.
The Cabinet Committee on Economic Affairs in January had approved disinvestment of 10 per cent of government’s 100 per cent stake in the firm.
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