The State-owned Rail Vikas Nigam Ltd (RVNL) has launched its initial public offering for subscription on March 29 at a price band of Rs 17-19 per share. It is an offer for sale of 25,34,57,280 equity shares by the Government of India which is expected to Rs 481 crore, at the upper end of the price band, through this public issue.
The IPO comprises of up to 25,34,57,280 equity shares of the company through an offer for sale by the President of India, acting through the Ministry of Railways, Government of India, a company statement. The offer includes a reservation of 6,57,280 equity shares for eligible employees for allocation and allotment on a proportionate basis. A discount equivalent to Rs 0.50 per equity share on the offer price shall be offered to retail individual bidders and eligible employee bidders, respectively.
The equity shares of RVNL are proposed to be listed on the BSE and the National Stock Exchange of India. 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, institution buildings. It is a wholly-owned government company, a miniratna central public sector enterprise, incorporated by the Ministry of Railways.