State run steel maker Rashtriya Ispat Nigam Ltd (RINL) has filed a draft prospectus for an initial public offer (IPO) with capital market regulator, where the government will offload 10 per cent stake in the company as part of its disinvestment drive.
The company has not disclosed the timeline for IPO and the amount to be raised through the offer, in its filing to the Securities and Exchange Board of India (SEBI).
The government plans to raise Rs 30,000 crore through such disinvestments in the state-run companies in the current fiscal year.
However, RINL's IPO will also have to fight the sluggish markets and nervous investors which have already given thumbs down to three public offers in 2012.
The company has appointed UBS and Deutsche Bank as the lead managers for the offering.
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