NIB: Clearing the clutter

The cryptic, last-minute postponement of this year’s first public sector issue has omitted to mention that the steel ministry refused to accept the price at which the shares of the mini-ratna company, RINL, were to be offered to investors. The price that merchant bankers have suggested in an anaemic market was below the book value of the company, which the steel minister was wary of signing on, as it could invite an audit censure.

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