RITES fell 1.52% to Rs 243.75 after the government proposed sale of equity shares of the company through an offer-for-sale.
The announcement was made post trading hours yesterday, 21 November 2019.
The government has proposed to sell 2.50 crore equity shares, in aggregate representing 10% stake in the company on 22 November 2019 (for non-retail investors only) and on 25 November 2019 (for retail investors and for non-retail investors), with an option to additionally sell up to 1.25 crore equity shares, representing 5% stake, through an offer-for-sale (OFS). The floor price for the OFS is Rs 293.50 per share. Retail investors will be allocated shares at a discount of 5% to the cut-off price.
RITES is a public sector enterprise (PSE) and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. Government's stake in RITES stood at 87.4% as on 30 September 2019.
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