RVNL Offer For Sale: The offer for sale of Multibagger Share Rail Vikas Nigam Limited has received tremendous response from investors. Due to investment from non-retail investors, the Offer for Sale of RVNL was subscribed 2.73 times of the base size.
After this response from the investors, the government has decided to capitalize on the option of Green Shoe Option in the Offer for Sale. Retail investors will be able to bid in the Offer for Sale of Rail Vikas Nigam Limited on Friday, July 28, 2023.
Rail Vikas Nigam Limited has brought this offer for fall sale at a price of Rs.119 per share. In this OFS, RVNL had decided to sell 70,890,683 shares or 3.40% stake. Also, after getting huge response from the investors, it was decided to bring 40,866,394 equity shares separately, which is 1.96% stake, as green shoe option.
After heavy subscription from non-retail investors, the government will sell another 1.96 per cent in an offer for sale. Retail investors will be able to bid in a separate open window on the stock exchange from 9.15 am to 3.30 pm on Friday.
Offer for Sale in RVNL received enthusiastic response from non-retail investors today. The issue was subscribed 2.73 times of the base size. Govt has decided to exercise the green shoe option. Retail investors get to bid tomorrow. pic.twitter.com/20hn5vfeLj
— Secretary, DIPAM (@SecyDIPAM) July 27, 2023
Earlier, due to the government’s decision to bring OFS of RVNL, the stock of Rail Vikas Nigam Limited saw a decline of 6.15 per cent. The stock has closed at Rs 126 from Wednesday’s closing price of Rs 134. But in the last one year, the share of RVNL has given a multibagger return of 306 per cent to the investors.
The stock has given a return of 72 per cent in six months and 22 per cent in three months. From the level of Rs 30 a year ago, the stock went straight to the level of Rs 146, which is currently trading at Rs 126. The stock has given a return of 556 per cent in the last three years.
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