The initial public offering of Indian Railway Finance Corporation (IPO) is scheduled for today, i. H. Opened for subscription on January 18. The IPO will be open through January 20th and the shares will be offered in the price range of 25-26 rupees per share. The shares will be listed on the stock exchanges on January 29, 2021.
The IPO will consist of the sale of up to 178.20 crore shares, including a new issue of up to 118.80 crore and a sale offer of up to 59 , 40 crore shares by the government. IRFC will raise Rs 4,633.38 crore in the higher end of the price range of Rs 25-26 per share.
Investors can bid for at least one lot of 575 shares and in multiples of up to 13 lots of 7,475 shares. The net proceeds from the sale of shares will be used by the Company to meet its future capital requirements and for general corporate purposes.
DAM Capital Advisors, HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets are the lead managers for the public Emission.
Founded in 1986, IRFC is Indian Railways’ market lending arm, financing the purchase of rolling stock, leasing of rail infrastructure and lending to other companies under the Ministry of Railways.
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