IPO Gets Ready For Rail Vikas Nigam

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.