Indian Train Financing Corporation IPO to Raise Rs 4,600 Crore; Concern Opens on Jan18
This will be the very first IPO by a railway non-banking financial company NBFC. In January 2020, IRFC had filed draft papers for its IPO.
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The going public (IPO) of Indian Railway Financing Corporation (IRFC) worth about Rs 4,600 crore will hit the market on January 18, Department of Financial Investment and Public Possession Management (DIPAM) Secretary Tuhin Kanta Pandey said on Wednesday. “IRFC coming up for noting with a Rs 4600 cr issue in a price band of Rs 25-26 per share. Anchor book on Jan 15 and the primary book from Jan 18-20,” he tweeted.
This will be the very first IPO by a railway non-banking monetary company (NBFC). In January 2020, IRFC had actually filed draft documents for its IPO.
The issue is of up to 178.20 crore shares, consisting of a fresh problem of approximately 118.80 crore shares and deal for sale of as much as 59.40 crore shares by the government, according to the draft prospectus. The company’s primary business is to obtain funds from the monetary markets to finance acquisition/ production of possessions which are then leased out to the Indian Trains.
IRFC, established in 1986, is a devoted funding arm of the Indian Railways for mobilising funds from domestic as well as abroad markets. Its main goal of IRFC is to satisfy the predominant portion of ‘extra-budgetary resources’ requirement of the Indian Railways through market borrowings at the most competitive rates and terms. The Union Cabinet had in April 2017 authorized listing of 5 train business. 4 of them– IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourist Corp– have currently been noted.
( the heading, this story has not been published by Crucial India News personnel and is published from a syndicated feed.).