Rashtriya Ispat Nigam (RINL) has sought deferment of the government's Rs 2,500 crore share sale, saying the employee morale was low after the devastating fire at the company's Vizag plant that claimed 19 lives.
The RINL management wrote a letter to the steel ministry on June 22 requesting deferring the initial public offering (IPO) as employees' morale has touched a low after the fire that killed 19 people, including 12 staffers.
The initial public offer (IPO) of the state-owned steel maker was to hit the market in last week of July. The launch has already been deferred once by three weeks, following the suggestions of the merchant bankers in view of subdued market conditions.
On June 13, a major explosion took place during the trial of a new oxygen control unit near the steel melting shop, resulting in the fire and the subsequent deaths.
The two-day strike from June 27 called by the union to oppose the IPO has also been postponed following the deaths due to the