This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on 1 April (iStockphoto)
This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on 1 April (iStockphoto)

Rail Vikas Nigam Ltd IPO to fetch about 480 crore to government

  • Retail investors subscribed about 2.5 times the shares reserved for them, while Qualified Institutional Buyers (QIBs) portion was subscribed 1.36 times
  • The total issue size was 25.34 crore shares and the price band for the initial public offer (IPO) was 17-19 per share

NEW DELHI : The government is expected to raise about 480 crore by selling 12.12 per cent stake in Rail Vikas Nigam Ltd (RVNL) with both retail and institutional investors lapping up the shares reserved for them.

This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on 1 April.

"In a good beginning for the new FY DIPAM has completed the RVNL IPO. The first IPO of the year is expected raise abt 450 to 480 cr. GoI divested 12.12 per cent stake," Secretary DIPAM (Department of Investment and Public Asset Management) said in a tweet Wednesday.

The government is expected to raise about 480 crore by selling 12.12 per cent stake in Rail Vikas Nigam Ltd (RVNL) with both retail and institutional investors lapping up the shares reserved for them.

This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on 1 April.

"In a good beginning for the new FY DIPAM has completed the RVNL IPO. The first IPO of the year is expected raise abt 450 to 480 cr. GoI divested 12.12 per cent stake," Secretary DIPAM (Department of Investment and Public Asset Management) said in a tweet Wednesday.

Retail investors subscribed about 2.5 times the shares reserved for them, while Qualified Institutional Buyers (QIBs) portion was subscribed 1.36 times.

The total issue size was 25.34 crore shares and the price band for the initial public offer (IPO) was 17-19 per share.

In April 2017, the Cabinet Committee on Economic Affairs had approved listing of five railway companies -- IRCON international, Rail Vikas Nigam, Indian Railway Finance Corp Ltd, RITES Ltd and Indian Railway Catering and Tourism Corp. Out of these five, IRCON international and RITES was listed in 2018-19.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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