New Delhi: Ruling out an initial share sale this fiscal, state-run Rashtriya Ispat Nigam on Wednesday said the timeline set for the public offer is November, 2012.

"The government has set November 2012 time-line for the IPO. We will launch the issue at an appropriate time, though it is not going to hit the market in the current fiscal," RINL Chairman and Managing Director A P Choudhary said.

Rashtriya Ispat Nigam (RINL), which is expanding its steel-making capacity to 6.3 mtpa from 3.6 mtpa now, had last week invited expression of interests from merchant bankers to manage the issue in which the government intends to divest 10 per cent of its stake.

An Inter Ministerial Group (IMG), which met on August 23, observed that keeping in view the likely issue size, up to five book-running lead managers (BRLMs) could be appointed.

The BRLMs who have handled at least one identical issue of the size of Rs 500 crore or more in the past three years would be eligible for managing the RINL issue, IMG had said.

IMG had also asked the steel ministry and the company to expedite the appointment of requisite numbers of Independent Directors to comply with the Clause 49 of listing agreement.

As per the agreement, if the Chairman of the Board is an Executive Director, as in the case of RINL, at least half of the Board should comprise independent directors.

RINL Board has six functional directors and two directors nominated by the government against which there are only four Independent Directors.

Observing that RINL needs to induct four more Independent Directors to comply with the Clause 49 of listing agreement, Choudhary said the exercise might take some time.

RINL Board has meanwhile approved splitting of company's equity shares so as to reduce the face value of each equity share from Rs 1,000 to Rs 10. RINL intends to raise capacity to 11.3 mtpa by 2015-16.