Saturday, August 24, 2019
News

Government targeting IRFC IPO listing by September to raise Rs 1,000 cr

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Saturday, 2019 9:15:05 PM IST
Activating the IPO pipeline, the government plans to offload 10 per cent in Indian Railway Finance Corporation (IRFC) through listing by September in a bid to raise Rs 1,000 crore.

"We are in the process of listing the IRFC for IPO to offload 10 per cent by September. It could fetch us Rs 1,000 crore," sources said.

IRFC, the finance arm of the Indian Railway, raises financial resources through capital markets and other borrowings for expansion and running of the Railways.

"The IRFC will approach Securities and Exchange Board of India (SEBI) for a draft prospectus after a merchant banker is appointed," said sources.

The Department of Investment and Public Asset Management (DIPAM) is bullish about listing the Railways' subsidiaries for an IPO as it has found interest among investors for being a safe public sector undertaking (PSU) entity.

Another railways arm RITES also saw sound success in its IPO last month, when it was subscribed 67 times.

DIPAM raised Rs 466 crore through another railways arm Rail Vikas Nigam Ltd (RVNL) -- in the first IPO of the fiscal year. The government divested 12.12 per cent stake in RVNL.

In all, 10 PSUs are lined up for IPOs this year to achieve the disinvestment target of Rs 1.05 lakh crore in the current fiscal.

Telecommunication Consultants (India) Ltd (TCIL), RailTel Corporation India Ltd, National Seed Corporation India Ltd (NSC), Tehri Hydro Development Corporation Ltd (THDCIL), Water & Power Consultancy Services (India) Ltd (WAPCOS) and FCI Aravali Gypsum and Minerals (India) Ltd (FAGMIL), National Seeds Corporation are some of the companies proposed for IPOs.

--IANS ana/sn/rtp

( 280 Words)

2019-07-20-15:12:04 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Rupee at 72 per dollar hits lowest level...
'Broader markets worse than Myanmar, Ban...
CSC signs MoU with ministry to digitise ...
Recession inevitable if protectionism ri...
No entry in S. Delhi for CVs sans RFID t...
Khadi industry likely to cross Rs 10k cr...
More...
 
INDIA WORLD ASIA
Kamal Nath gives details about farm loan...
Rahul Gandhi recalls Rajiv Gandhi's cont...
J-K: Army jawan killed in Pak firing alo...
Odisha: Navin Patnaik announces Rs 500 c...
AP: Police arrests RMP, recovers 108 kg ...
JK: Army establishes communication centr...
More...    
 
 Top Stories
Shooting in mind for powerlifter Ga... 
WhatsApp group of dacoits in Karach... 
Dream11, LafargeHolcim, Hyundai awa... 
Keeping an eye on WADA-NADA fiasco ... 
Ganesh Venkatraman to host 'Crime P... 
Saif wants shutterbugs to leave son... 
Education can help to overcome prej... 
3 dead, over 60 injured in Bengal t...