The government plans to come out with two initial public offers RINL and NBCC to raise about INR 3,000 crore in the current fiscal itself as part of its efforts to garner funds.

A senior finance ministry official told PTI that "We will file draft prospectus for NBCC IPO in 10 to 15 days. For RINL we have initiated the process to launch it before March end.”

The government plans to divest 10% of its stake in the National Building Construction Corporation through an IPO and plans to raise INR 250 crore. Government owns 100% in NBCC.

Besides for Rashtriya Ispat Nigam which is expected to give INR 2,500 crore to the exchequer, the government has already appointed merchant bankers.

Market regulator Securities and Exchange Board of India has relaxed norms for buyback of shares and dilution of equity by companies. The new norms would help the companies to complete the process of selling shares within days against the normal process which can take months, a move that will facilitate offloading of government shares in central PSUs.

(Sourced from ET)