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Rashtriya Ispat Files Draft Papers For IPO

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State-owned steel producer Rashtriya Ispat Nigam Ltd has filed draft papers for an initial public offer of 10 per cent of its shares.

The government will sell about 440.1 million equity shares to the public in the offering, according to a draft prospectus on the Securities and Exchange Board of India's website.

The share sale is part of the Indian government's target to raise a record $10.5 billion in asset sales during the fiscal year to March 2015 to help plug its budget deficit.

UBS and Deutsche Bank are the lead managers for the issue.


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