Rail Vikas Nigam dives 9% as Centre offloads 15% stake through offer for sale

Overall, the government plans to sell about 31,27,53,015 equity shares representing 15% of Rail Vikas.

Mar 24, 2021 01:03 IST India Infoline News Service

Rail Vikas Nigam was under pressure on Wednesday's trading session as the government offloads about 15% stake through offer for sale (OFS) which began from today onward.

The base offer of the issue comprises of stake sale of up to 20,85, 02, 010 equity shares representing 10% of the company.

Further, the offer has an oversubscription option where the government can exercise further stake sale of 5% or 10,42, 51, 005 equity shares.

Overall, the government plans to sell about 31,27,53,015 equity shares representing 15% of Rail Vikas.

The offer is available for subscription only for non-retail investors today.

The offer will continue till tomorrow. Retail investors and those non-retail investors who choose to carry forward their unallotted bids are allowed to subscribe to the OFS on March 25.

A floor price of Rs27.50 per share has been set for the offer.

At around 1.42 pm, Rail Vikas trades at Rs27.75 per piece down by 8.7% on Sensex.

The stock performs near the day's low of Rs27.65 per piece on Sensex. 

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