Wednesday, October 10, 2012

Rashtriya Ispat Nigam Ltd (RINL) IPO has been postponed for the 3rd time

Rashtriya Ispat Nigam Ltd (RINL) IPO has been postponed for the 3rd time. The PSU IPO was planned to open on Oct 15th to sell 10% government of India stakes in the company.

While the exact reason to defer the IPO was not disclosed by the finance minister P Chidambaram, sources said that the merchant bankers had suggested a price band of Rs 15-17 for RINL shares, which was not acceptable to the Ministry of Steel. The Ministry insisted that the share price should be above the book value of Rs 22.

This is the 3rd time when RINL IPO is deferred and surly a setback to the disinvestment program of Government of India plans to raise Rs 30,000 Cr though stock sells in PSU’s.  The RINL IPO was first to kick start the disinvestment program.

No further detail is provided by finance ministry on the future plans for RINL IPO.

Visit Rashtriya Ispat Nigam Ltd IPO webpage for latest update.

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