State-owned Rashtriya Ispat Nigam (RINL) is expected to list on exchanges in July, says Divestment Secretary Haleem Khan.
Recently the company has filed draft red herring prospectus for its public offer of 48.9 crore equity shares (a dilution of 10% stake by the government) with the SEBI.
Khan further says, capital market regulator SEBI has made certain changes in offer for sale (OFS) guidelines as foreign institutional investors were facing problem of 100% upfront cash margin.
According to him, instead of 3 months, auction time gap can be reduced to 2 weeks. With changes in OFS by SEBI, OFS will be more attractive, he adds.
He says, normal bookbuilding may not be possible in such market condition.