Friday 28 September 2012
OMDC to add sheen to RINL public issue valuation
Orissa Mineral Development Co Ltd (OMDC), the listed step down mining subsidiary of RINL, is likely to add shine to RINL’s (Rashtriya Ispat Nigam Ltd) forthcoming IPO valuation. But OMDC is still struggling to come out of six year-long dark patch.
“The debt-free OMDC’s high market capitalisation, reserves and deemed asset base will cast favourable light on RINL’s share valuation,” an RINL senior official told Business Line.
RINL sources said the Department of Disinvestment is currently having a final look at the red herring prospectus (RHP) before its filing with the SEBI shortly. The RHP will figure strengths and weaknesses of 2011-acquired public sector Bird Group of Companies — EIL, the holding company, and its two mining arms, OMDC and Bisra Stone Lime Co (BSLC).
“The debt-free OMDC’s high market capitalisation, reserves and deemed asset base will cast favourable light on RINL’s share valuation,” an RINL senior official told Business Line.
RINL sources said the Department of Disinvestment is currently having a final look at the red herring prospectus (RHP) before its filing with the SEBI shortly. The RHP will figure strengths and weaknesses of 2011-acquired public sector Bird Group of Companies — EIL, the holding company, and its two mining arms, OMDC and Bisra Stone Lime Co (BSLC).
