The railways organization, the Rail Vikas Nigam Limited (RVNL), is emerging the share market this week with its IPO (Initial public offering) to raise about Rs480-Crorem which will open on Friday, March 29 and to close on 3rd April. The price band fixed for the issue is Rs17 to 19 apiece with a minimum bid of 780 equity shares. The offer consists of 253,457,280 equity shares of face value Rs10 each through a 100% book building process.
The IPO offer includes a reservation of 6,57,280 equity shares for entitled employees for allocation on a proportionate basis.
Rail Vikas Nigam Ltd is a project executing agency for the Ministry of Railways. The company carries out rail development projects with a key role as a financial resource organizer and forms project-specific SPVs with private players.
Elara Capital India Pvt Ltd, Yes Securities Ltd, and IDBI Capital Markets & Sec. Ltd are the book running lead managers to the offer.