Rail Vikas Nigam Shares Make A Tepid Stock Market Debut
Rail Vikas Nigam shares made a tepid market debut on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The stock opened flat on the National Stock Exchange and rose as much as 4.21 per cent to Rs 19.80 from its issue price of Rs 19. On the BSE, Rail Vikas Nigam shares rose as much as 3.94 per cent to touch intraday high of Rs 19.75. Rail Vikas Nigam Limited (RVNL), a government of India enterprise under the Ministry of Railways, sold shares of face value of Rs 10 in the price band of Rs 17-19 in Initial Public Offering (IPO) from March 29-April 3.
Rail Vikas Nigam saw high demand for its shares in the Initial Public Offering as the issue was subscribed 1.8 times the 25.35 crore shares on offer on the last day of subscription.
Rail Vikas Nigam raised Rs 482 crore by way of selling shares in the Initial Public Offering. In the process of share sale, the government of India disinvested its 12.12 per cent equity stake in the company.
Rail Vikas Nigam Limited's total order book which includes laying new railway lines, doubling of tracks, gauge conversion, railway electrification, metropolitan transport projects, building workshops and bridge construction works as of December 31, 2018 stood at Rs. 77,504.28 crore.
RVNL works on a turnkey basis and undertake the full cycle of project development from conceptualization to commissioning and its major client is the Indian Railways. The other clients of the company include various central and state government ministries, departments, and public sector undertakings
As of 12:24 pm, Rail Vikas Nigam shares traded 3.16 per cent higher at Rs 19.60.
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