RVNL Share Price: Now another big news is coming about public sector Rail Vikas Nigam Limited (RVNL). There is a plan to sell the government’s 5.36 percent stake in RVNL.
Indian Railways: Shares of railway companies have given bumper benefits to the investors, but at this time there is a big decline in the shares of the company. Now another big news is coming out regarding the public sector Rail Vikas Nigam Limited (RVNL). On Thursday, on the first day of the offer for sale organized to sell the government’s 5.36 per cent stake in RVNL, institutional investors have placed fierce bids.
Bids were placed for 15.64 crore shares
The first day of the offer for sale was reserved for institutional investors and they placed bids for 15.64 crore shares against the prescribed 6.38 crore shares. The token price for the offer was Rs 121.17 per share. Accordingly, the value of the bids placed is around Rs 1,900 crore.
Will reduce stake by selling 11.17 crore shares
The government has decided to dilute its stake by selling 11.17 crore shares of RVNL through an offer for sale. For this, a reserve price of Rs 119 per share has been fixed. Retail investors will bid for it on Friday. If more bids are received in the offer for sale, the government can also sell an additional 1.96 per cent stake.
Government has 78.20 percent stake
The government is bringing this offer to hold minimum public stake in the company. At present, the government’s stake in RVNL is 78.20 percent. RVNL was incorporated in January 2003 as a wholly owned Public Sector Undertaking of the Ministry of Railways. Through this, the target was set for the implementation of the infrastructure development projects of the Railways and to raise funds for them.
Stock up 82 percent in YTD time
Talking about the share of RVNL, in the last 6 months, the company’s stock has given a profit of 72.48 percent to the investors. At the same time, investors have gained 82.42 percent in the YTD time so far.
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