The initial public offering (IPO) of Rashtriya Ispat Nigam Ltd., the corporate entity of Visakhapatnam Steel Plant, has been deferred for the second time.
The Visakhapatnam-based public sector company’s IPO was originally slated to hit the capital market by month-end. No fresh date has been fixed, a senior official, quoting sources in the Department of Disinvestment, told The Hindu on Monday.
Leaders of various unions of VSP claimed that it had been postponed by three months. They have served a notice to go on strike on July 24 against 10 per cent divestment of government stake in the company.
It is the second time that RINL’s Rs.2,500-crore IPO has been put off. Originally, it was supposed to hit the market in June.
At that time, it was postponed by three weeks due to volatile market conditions.