MUMBAI: State-run RITES Ltd has filed documents with the markets regulator for an initial public offer for 14 million shares, the company said on Tuesday.
The book-built issue comprises of fresh issue of 10 million shares, and sale of 4 million shares by the federal government, according to the filing. Post issue, the government's stake will come down to 72 per cent from 100 per cent now, the company said.
The company did not specify the size of the issue, but banking sources said the company could raise up to 4 billion rupees through the offer.
RITES, which functions under the railways ministry, operates as a consultancy focussed on the transport, infrastructure and related technologies.
The company has experience on projects in 62 countries around the world. The public offer is the latest in a series of divestments in state-run companies by the federal government.
Last month, state-run Rural Electrification Corp raised 16.4 billion rupees through a 156-million-share public issue that was subscribed 27 times.
Kotak Mahindra Capital, Enam Securities and ICICI Securities are the book-running lead managers to the RITES issue.
The book-built issue comprises of fresh issue of 10 million shares, and sale of 4 million shares by the federal government, according to the filing. Post issue, the government's stake will come down to 72 per cent from 100 per cent now, the company said.
The company did not specify the size of the issue, but banking sources said the company could raise up to 4 billion rupees through the offer.
RITES, which functions under the railways ministry, operates as a consultancy focussed on the transport, infrastructure and related technologies.
The company has experience on projects in 62 countries around the world. The public offer is the latest in a series of divestments in state-run companies by the federal government.
Last month, state-run Rural Electrification Corp raised 16.4 billion rupees through a 156-million-share public issue that was subscribed 27 times.
Kotak Mahindra Capital, Enam Securities and ICICI Securities are the book-running lead managers to the RITES issue.
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