RINL divestment deferred indefinitely
09 Oct 2012
The government today announced its decision not to proceed with the initial public offer of 10 per cent paid-up equity shares of Rashtriya Ispat Nigam Limited (RINL) for the time being.
The government, however, did not cite any reason for deferring the offer.
The government, however, remains committed to the disinvestment programme and will evaluate the decision in due course keeping in view all relevant factors, an official release from the finance ministry said today.
Rashtriya Ispat Nigam Limited (RINL) had earlier proposed to make an initial public offer of 488,984,620 equity shares of Rs10 each by way of an offer for sale.
The company had filed its red herring prospectus with the Registrar of Companies on 27 September 2012 in relation to the offer. As per the offer programme, the offer was proposed to open on 15 October 2012 and close on 18 October 2012.
The government said it would take a final decision in due course keeping in view all the relevant factors.