When does the government to sell further stake in Rail Vikas Nigam?

The government of India proposes to dilute another 15% stake in Rail Vikas Nigam Ltd or RVNL via an offer for sale. The OFS would raise approximately Rs.750 crore. The government plans to keep the issue open for non-retail investors on Wednesday 24 March and keep the issue open for retail investors on Thursday 25 March.

Retail investors will be allowed to bid on Thursday, 24 March. The government will actually divest 10% equity in the OFS phase with 5% Green Shoe option to retail oversubscription, if any. The government has set the floor price at Rs.27.50 per share, which represents a 9.54% discount to the closing price on 23 March. RNVL handles rail infrastructure as a subsidiary of Indian Railways