Rashtriya Ispat Nigam has filed IPO papers with SEBI. Rashtriya Ispat Nigam (RINL)is a state-owned company and will mostly be launching it's first initial public offer (IPO) in financial year 2012-13.
RINL has filed draft red herring prospectus (DRHP) on May 18th with SEBI stating IPO of 48.898 crore equity shares ( it will be a dilution of 10% equity stake by the GOI).
This IPO is offering a discount of upto 5% on offer price to retail investors and employees of the company.
RINL is India's second largest government owned steel company. It has original liquid steel production capacity of 3 mtpa and this capacity will be expanded to 6.3 mtpa by the financial year 2013.
For the nine months period ended on December 31, 2011 RINL had recorded consolidated PAT of Rs 500.53 crore on total income of Rs 9,408.71 crore.
