Indian Railway Finance Corporation receives SEBI nod for IPO; maiden offer comprises fresh issue of 93.8 cr equity shares

Firstpost
March 03, 2020
Press True of India (PTI)

Indian Railway Finance Corporation receives SEBI nod for IPO; maiden offer comprises fresh issue of 93.8 cr equity shares.

The IPO comprises fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the government of India.

The observation letter was issued on 25 February 2020, according to an update on the regulator's website.

The Securities and Exchange Board of India's (SEBI) observations are necessary for any company to launch public issues such as IPO, follow-on public offer and rights issue.

The net proceeds are proposed to be utilized towards augmenting the company's equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes, according to draft red herring prospectus (DRHP).

IDFC Securities, HSBC Securities and Capital Markets, ICICI Securities and SBI Capital Markets are managing the offer.

The company's equity shares are proposed to be listed on BSE and NSE.

The firm is the dedicated market borrowing arm of Indian Railways, and its primary business is financing the acquisition of rolling stock assets, as per information available in the DRHP.


Comments

  1. Ady17 July 2020 at 04:50

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