Tuesday , September 21 2021

Rail Vikas Nigam tumbles as govt to dilute 15% stake via OFS

Rail Vikas Nigam is currently trading at Rs. 27.90, down by 2.50 points or 8.22% from its previous closing of Rs. 30.40 on the BSE.

The scrip opened at Rs. 28.35 and has touched a high and low of Rs. 28.40 and Rs. 27.80 respectively. So far 1544161 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 35.60 on 11-Jan-2021 and a 52 week low of Rs. 10.20 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 31.30 and Rs. 26.75 respectively. The current market cap of the company is Rs. 5806.78 crore.

The promoters holding in the company stood at 87.84%, while Institutions and Non-Institutions held 1.43% and 10.73% respectively.

The government is going to dilute 15 percent stake in Rail Vikas Nigam (RVNL) via an offer for sale (OFS) to raise nearly Rs 750 crore. The issue will open on March 24, 2021 for non-retail investors, and on March 25, 2021 for retail investors. The government would divest 10% equity with a 5% Green Shoe option.

RVNL was incorporated as a 100 percent owned PSU of the Ministry of Railways on January 2003 with the objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis.

Rail Vikas Nigam 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 etc.

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