BL reported that the IPO of Rashtriya Ispat Nigam Ltd Visakhapatnam Steel Plant has been deferred again.

The government, on Monday, decided to defer 10% disinvestment in RINL.

At a meeting in the Capital — among the representatives of the Ministry of Steel, Department of Disinvestment, merchant bankers and RINL — it was decided that the unlisted steel-maker will not submit the red herring prospectus on Tuesday to the market regulator

While official sources said that the issue had been put on hold for a short period due to market conditions, union leaders said it had been postponed by three months.

Sources in the Steel Ministry told Business Line that the meeting did not, however, decide on the timeline for filing the prospectus.

It is the second time RINL’s INR 2,500-crore IPO has been deferred. Originally, it was supposed to hit the market in June.

Deutsche Equities and UBS Securities are lead book runners to the book-built offer. This 10 per cent stake sale, according to the earlier schedule, was set to begin in June and fetch the Government around INR 2,500 crore.

Source - Business Line

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