Rail Vikas Nigam slumped 8.22% to Rs 27.90 after the offer for sale (OFS) opened for non-retail investors today, 24 March 2021.
Through the OFS, the Government of India proposes to sell up to 20,85,02,010 equity shares (representing 10% stake), with an option to sell an additional 5% stake or 10,42,51,005 equity shares in case of oversubscription. The floor price for the OFS is Rs 27.50 per equity share, at a 9.54% discount to Rail Vikas Nigam's closing price of Rs 30.40 on Tuesday, 23 March 2021.
The total OFS size (base size + green shoe) stands at 31,27,53,015 shares, representing 15% of outstanding equity shares of the company, aggregating to Rs 860.07 crore.
The Government of India held 87.84% stake in Rail Vikas Nigam as of 31 December 2020.
The OFS opened on Wednesday (24 March 2021) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Thursday (25 March 2021). A total of 10% of the offer size is reserved for retail investors.
As on 12:05 IST, the OFS received subscription for 90,33,748 shares. It was subscribed 4.81% on the base non-retail total offer size of 18,76,51,809 shares and 3.21% on the total non-retail total offer size (base size + green shoe) of 28,14,77,713 shares.
Rail Vikas Nigam is an organization associated with Indian Railways involved in building rail infrastructure required by the railways.
The company's consolidated net profit surged 171.57% to Rs 281.02 in Q3 FY21 from Rs 103.48 crore in Q3 FY20. Net sales during the quarter rose 0.90% YoY to Rs 3732.44 crore.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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