. Reliance Spinning Mills Limited (RBL) has issued an initial public offering (IPO) from today.

In the first phase, the company has issued shares to Nepalis who are in foreign employment after obtaining work permit.

The company has issued 115,596 units of shares to the Nepalese working abroad.

Applications can be place for minimum 50 units and maximum 20,000 units. Applications can be submitted till May 25. If the application is not received as per the demand within the stipulated period, the application can be submitted till December 7.

Those interested in investing in ordinary shares can apply from the Securities Board of India (SEBON) through the banks and financial institutions that are members of the company and Mero Shares. Global IME Capital has been appointed as its issue manager.

The company is issuing 1,155,960 units of ordinary shares out of 1,926,600 units i.e. 10.14 percent of the issued capital of Rs 1.90 billion. 115,596 units of ordinary shares (10% of the ordinary shares) are being issued to the foreign employment citizens from today.