RITES shares tumble 6% as OFS opens for non-retail investors

The company said the offer was being undertaken for achieving the minimum public shareholding of the Company as per the Sebi norms

Shares of state-owned RITES slipped 6 per cent to Rs 300 on the BSE on Thursday in early morning trade as the government's proposed sale of up to 10 per cent stake in the company at Rs 298 per share through an offer-for-sale (OFS) begins today. The OFS price is at a discount of 6 per cent to Wednesday's close of Rs 318.

In an exchange filing after market hours on Wednesday, RITES said that the President of India, acting through Ministry of Railways, Government of India has proposed to sell its stake in the company.

The seller