Roadshows in India and abroad will be conducted from September 27 to October 4 as the Department of Disinvestment has decided to go ahead with the Rs.2,500-crore initial public offer (IPO) of Rashtriya Ispat Nigam Limited on October 16.
The company’s issue will remain open till October 18. RINL, the corporate entity of Visakhapatnam Steel Plant (VSP), would submit the red herring prospectus with market regulator SEBI in a day or two, a company official told The Hindu. .
The government, which deferred the IPO twice in the past due to volatile market conditions and the June 13 accident at VSP, has apparently decided to ignore the strike notice issued by trade unions. The notice against the IPO was served recently, threatening a complete shutdown of VSP on October 12 and 13.
. The Empowered Group of Ministers is expected to finalise the price of shares on October 8 or 9.
RINL is in the advance stages of completing its expansion from 3.2 million tonnes to 6.3 million tonnes at a cost of Rs.12,500 crore. The unions of VSP are strongly opposing the decision to offload 10 per cent of government’s share of Rs.4,890 crore.