New Delhi: Four state-owned firms, including Mazagon Dock Shipbuilders and Rail Vikas Nigam Ltd (RVNL), have filed draft papers with markets regulator Securities and Exchange Board of India (Sebi) to float initial public offerings (IPOs).

Railway infrastructure firm Ircon International and warship maker Garden Reach Shipbuilders and Engineers are the other two firms which have filed IPO papers. The IPOs will be part of the government’s target to garner Rs80,000 crore through stake sales in state-owned companies in 2018-19.

Mazagon Dock and RVNL had filed their draft red herring prospectus (DRHP) with Sebi on 28 March while Ircon International and Garden Reach approached the regulator on 26 March. Moreover, three state-owned firms—Mishra Dhatu Nigam Ltd, Hindustan Aeronautics and Bharat Dynamics—came out with their respective initial share-sales last month.

Besides, RITES and Indian Renewable Energy Development Agency Ltd (IREDA) had already approached Sebi with preliminary papers. The public issue of Mazagon, a lead shipyard of India serving the nation’s strategic requirements, will see sale of over 2.24 crore equity shares by the government.

The IPO of RVNL, which builds infrastructure for high speed rail, will see sale of 20.85 crore equity shares or 10% stake by the government. Government plans to sell 99.05 lakh Ircon shares, or a 10.53% stake in Ircon International, through the public float.

Besides, the government will divest over 2 crore shares of Garden Reach Shipbuilders and Engineers. The equity shares of these companies are proposed to be listed on BSE and NSE.

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