Receives bids for 2.19 crore shares
The initial public offer (IPO) of Rail Vikas Nigam received bids for 2.19 crore shares, data on the National Stock Exchange of India (NSE) website showed as at 17:00 IST today, 29 March 2019. The IPO was subscribed 0.09 times.
The issue opened for subscription today, 29 March 2019 and closes on 3 April 2019. The price band for the issue has been fixed at Rs 17 to Rs 19 per share.
The offer comprises offer for sale by the government of India of 25.28 crore shares, which, at the lower price band of Rs 17 per share, works out to Rs 429.76 crore and, at the higher price band of Rs 19 per share, works out to Rs 480.32 crore.
The objects of the issue is to carry out the divestment program of the government of India apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders. Government of India will hold 87.9% of total paid up equity share capital of the company post listing.
Incorporated in 2003 by the President of India through the Ministry of Railway (MoR), Rail Vikas Nigam is a Category 1 Mini Ratna Company with a status of Schedule A - Public Sector Enterprise. Rail Vikas Nigam is a Project Executing Agency working for and on behalf of MoR. RVNL is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges and institution buildings.
On a consolidated basis, Rail Vikas Nigam reported profit after tax of Rs 229.27 crore and net sales of Rs 3622.88 crore in half year ended 30 September 2018.
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