India shelves IPO in steelmaker Rashtriya Ispat

MUMBAI, Oct 9 (Reuters) - India shelved plans for an IPO in steelmaker Rashtriya Ispat Nigam Ltd, in a setback for the country's efforts to raise about 300 billion rupees ($5.72 billion) through state share sales by the end of the fiscal year in March.

The deal had been expected to raise roughly $200 million.

The government said late on Tuesday it had decided not to proceed for now with the offer of a 10 percent stake in the state-owned company, declining to give a reason. The deal had been due to open on Oct. 15. It had been delayed earlier due to unfavourable market conditions.

UBS and Deutsche Bank had been hired as lead managers for the deal. ($1 = 52.4700 Indian rupees)

(Reporting by Tony Munroe; Editing by Helen Massy-Beresford)

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