Railways PSU RITES offer-for-sale (OFS) opens on bourses; share price slumps 5 pct
Governments offer-for-sale (OFS) for selling up to 10 per cent stake in railway PSU RITES opened on stock exchanges on Thursday with a floor price of Rs 298.
The government's offer-for-sale (OFS) for selling up to 10 per cent stake in railway PSU RITES opened on stock exchanges on Thursday.
The floor price for the OFS has been fixed at Rs 298, which is a discount of 6 per cent over Wednesday's closing price of Rs 318.05.
See Zee Business live streaming below:
The government is selling 5 per cent stake in the company, with an option to retain an over subscription of another 5 per cent, taking the total issue size to 10 per cent.
The share sale opened for institutional investors on Thursday, while retail buyers can put in their bids on Friday.
"For retail open on 28.02.20 with discount of Rs 8 over cut off price, Secretary in the Department of Investment and Public Asset Management (DIPAM) said in a tweet.
Government currently holds 77.39 per cent stake in RITES and with this share sale the company would become compliant with Sebi's minimum public shareholding requirement.
Shares of RITES were trading at Rs 302.45, down 4.90 per cent on BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.