RITES slips 3% as govt's stake sale via offer for sale opens today

With this, the government's stake in RITES may fall to 72.4 per cent from 87.4 per cent currently.

Shares of state-owned RITES slipped 3.4 per cent to Rs 295.35 apiece on the BSE on Friday after the government announced to sell up to 15 per cent of its holding in the railways' firm, at a discounted price of Rs 293.5 per share via offer for sale (OFS) route. The sale would fetch the government Rs 1,100.6 crore. 

"In a bid to meet the Securities and Exchange Board of India's (Sebi's) requirement of minimum shareholding, the government intends to sell up to 25 million shares, representing 10 per cent of the company's capital, to non-retail investors on November 22,"