state-owned Indian Railway Finance Corporation (IRFC) has decided to open its maiden public offer for subscription on January 18 and has set the worth band at Rs 25-26 per share.
The three-day public issue will close on January 20. the corporate aims to boost Rs 4,633.4 crore at the upper end of the worth band.
The initial public offering of up to 1,78,20,69,000 equity shares consists of a fresh issue of 1,18,80,46,000 equity shares and a suggestion purchasable of 59,40,23,000 equity shares by the govt of India.
The issue includes a reservation of equity shares worth Rs 50 lakh for subscription by eligible employees. the difficulty will constitute up to 13.64 percent of the post issue paid-up equity share capital of the corporate .
The dedicated market borrowing subsidiary of the Indian Railways goes to utilise net fresh issue proceeds for augmenting equity capital base to satisfy future capital requirements arising out of growth within the business; and general corporate purposes.
The company won’t receive any proceeds from the offer purchasable and therefore the same are going to be received by the govt of India.
Bids are often made for a minimum of 575 equity shares and in multiples of 575 shares thereafter.
The primary business of IRFC is financing the acquisition of wheeled vehicle assets, which incorporates both powered and unpowered vehicles like locomotives, coaches, wagons, trucks, flats, electric multiple units, containers, cranes, trollies of all types and other items of wheeled vehicle components as enumerated within the Standard Lease Agreement, leasing of railway infrastructure assets and national projects of the govt of India and lending to other entities under the Ministry of Railways, Government of India (MoR).