Cyclone damage: RINL IPO deferred

Cyclone damage: RINL IPO deferred

FPJ BureauUpdated: Saturday, June 01, 2019, 05:23 AM IST
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New Delhi : As Rashtriya Ispat Nigam Ltd (RINL) is still assessing damage caused by recent Hudhud cyclone to its plant at Visakhapatnam, the government has decided to defer the initial public offer (IPO) of the state-owned steel company, reports PTI.

“The new timeline for the IPO of RINL would be drawn up after the company ascertains the damage,” an official said.

The 10 per cent government stake sale through IPO is now likely to take place sometime in the next financial year, the official added. Cyclone Hudhud hit Andhra Pradesh on October 12, forcing RINL to stop production at its lone facility at Visakhapatnam due to failure of power supply.  According to estimates, its impact on state-run steel maker RINL’s profitability is about Rs 350 crore.

 In September RINL had filed a draft prospectus with market regulator Sebi for an IPO through which the government will sell 10 per cent of its stake in the company.  The government plans to offload 48.89 crore shares through an offer for sale issue.

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