Govt to sell 15% stake in Rail Vikas Nigam via OFS

Govt to sell 15% stake in Rail Vikas Nigam via OFS

NEW DELHI: The government on Tuesday said it will dilute 15 per cent stake in Rail Vikas Nigam Ltd via an offer for sale to raise nearly Rs 750 crore.

The issue will open on Wednesday for non-retail investors, and on Thursday for retail investors.

“Offer for Sale in RVNL opens tomorrow for Non Retail investors. Retail investors can bid on Thursday. Govt. would divest 10% equity with a 5% Green Shoe option,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet.

The floor price has been fixed at Rs 27.50 a share, a 9.54 per cent discount to Tuesday’s closing price of Rs 30.40 apiece on the BSE.

RVNL was incorporated as a 100 per cent owned PSU of the Ministry of Railways on January 2003 with the objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis.

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