Considering volatile market conditions, the Rs 2,500-crore initial offer of Rashtriya Ispat Nigam (RINL) has been delayed by at least three weeks on advice of merchant bankers UBS Securities India and Deutsche Equities (India) that early July launch of the issue may not yield desired results.
"The RINL IPO has been delayed by three weeks. Merchant bankers for the issue have stated the government that time is not conducive now for the issue to hit the market due to the volatile market conditions. All proposed roadshows have also been deferred," a source in the government told PTI.
A top company official said the pre-marketing roadshows, which were to be started with Mumbai from today, have been cancelled for the time being, but department of disinvestment is yet to communicate the company any fresh time-line.
The RINL issue, was slated to hit the domestic market on July 3 and kick-start the ambitious disinvestment process of the government for the current fiscal. The