Nilachal Ispat plans IPO,to offload 10% stake

State-run steelmaker Nilachal Ispat Nigam ( NINL) is planning to offload at least 10% stake and hit markets soon to raise about Rs 80 crore even as the steel ministry has sought the committee of secretaries' opinion to bail out the PSU from its current fiscal morass.

"NINL management will seek the approval of its board of directors on diluting at least 10% stake, besides floating an IPO soon to mobilise about Rs 80 crore to infuse a fresh lease of life in its operations and enable it to withstand stiff competition from other steelmakers," a top government official said.