RailTel Corporation of India Limited (RailTel) will open the Bid/Offer period in relation to its initial public offering (IPO) of equity shares on February 16, 2021, and close on Thursday, February 18, 2021.
RailTel is a Mini Ratna (Category-I) Central Public Sector Enterprise, wholly-owned by the Government of India and under the administrative control of the Ministry of Railways. The price band of the Offer has been fixed at Rs93 to Rs94 per equity share of the face value of Rs10 each.
The company and the selling shareholders may, in consultation with the book running lead managers (the “BRLMs”), consider participation by Anchor Investors, in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date, i.e. Monday, February 15, 2021.
The Offer will comprise up to 87,153,369 equity shares of face value of Rs10 each and the Offer will be a complete offer for sale by the Government of India. The Company will not be directly receiving any proceeds from the Offer and all the Offer Proceeds will be received by the Selling Shareholder. The objects of the Offer are to carry out the disinvestment of 87,153,369 Equity Shares held by the Selling Shareholder; and to achieve the benefits of listing the Equity Shares on the Stock Exchanges.
The QIB portion of the net offer shall be not more than 50%; not less than 35% of the net offer shall be available for allocation to Retail Individual Bidders and not less than 15% of the net offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders.
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