RailTel Corporation's Rs 820 Crore IPO To Open On Tuesday
RailTel Corporation's Rs 820 crore initial public offer (IPO) will be open for subscription from February 16 to February 18, at an issue price of Rs 93-94 per share. The shares of RailTel are set to be listed on the BSE and NSE on February 26.
The initial public offer is an offer for sale of 8,71,53,369 equity shares by the government, out of which 5 lakh equity shares will be reserved for the employees. Investors can bid for a minimum one lot of 155 equity shares and in multiples thereafter, up to 13 lots. The quota for retail investors in RailTel IPO is fixed at 35 per cent, qualified institutional buyers quota is 50 per cent and non-Institutional Investors segment is 15 per cent.
Investors can subscribe for a minimum one lot of 155 shares and in multiples, till a maximum 13 lots.
The objective of the share sale is to divest government's stake in RailTel Corporation. The proceeds from the share sale will go directly to the government as it holds a 100 per cent stake in the company.
Incorporated in September 2000, RailTel is a mini ratna (Category-I) central public sector enterprise and one of the largest neutral telecom infrastructure providers in India. It has more than 55,000 route kilometers of optical fiber cablenetwork and connects 5,677 railway stations across India.
ICICI Securities, IDBI Capital Markets & Securities, and SBI Capital Markets are the book running lead managers to the IPO.
RailTel Corporation's IPO will be the sixth initial public offering this year, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft Brookfield India Real Estate Trust and Nureca.
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