Mumbai: Rail Vikas Nigam (RVNL) will be launching its initial public offering on Friday, March 29.
The last IPO of the fiscal year aims to raise Rs 481.56 crore at the upper price band of Rs 17 - Rs 19 per equity share with a face value of Rs 10 each. The public issue closes on April 3, 2019.
RVNL is a wholly government owned miniratna company incorporated in January 2003 by the Ministry of Railways as a project executing agency of the ministry. The public offer constitutes 12.16 per cent of the post offer paid-up equity share capital of the company.
The objectives of RVNL are to undertake rail project development, mobilization of financial resources and implementation of rail projects pertaining to golden quadrilateral and port connectivity and raising of extra- budgetary resources for project execution.
During the financial year ending March 31, 2018, RVNL has completed a total of 885.50 km of project length which included 315.20 km of doubling and 425 km of railway electrification.
In the public offer a discount equivalent to Rs 0.50 per equity share on the offer price will be offered to retail individual bidders.
