CCEA Approves 10% Divestment In RINL (27-Jan-2012)
Rashtriya Ispat Nigam (RINL), a Navaratna company, has got green signal from Cabinet Committee on Economic Affairs (CCEA) to dilute 10% stake held by government. The government has planned for initial public offering (IPO) for the company which is likely to hit capital market by next fiscal and is expected to garner around Rs 2,500 crore.
UBS Securities, Deutsche Bank, Edelweiss Capital and IDBI Capital are the book running lead managers the issue.
Government, in a bid to bridge the fiscal deficit, is looking forward for divesting its stake from various PSUs including RINL, National Building Construction Corporation (NBCC), ONGC. Initially, the IPO of said Navaratna Company was slated to hit capital market by end of current fiscal, however, government has deferred the same to the next financial year due to volatile stock market conditions.
RINL is a government owned steel producer based in Visakhapatnam. The company has reported Rs 658 crore as net profit for the financial year ended March 31, 2011. RINL presently exports Angles Beam, Billets, Channel, Pig Iron, Hot Rolled Rebars and Wire Rods.
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