Rail Vikas Nigam shares plunge over 9% after Authorities of India decides to dump stake

Rail Vikas Nigam shares plunge over 9% after Authorities of India decides to dump stake

The data concerning the provide on the market was offered by the Division of Funding and Public Asset Administration (DIPAM) secretary Tuhin Kanta Pandey

The share worth of Rail Vikas Nigam Ltd (RVNL) plunged over 9 p.c after the federal government determined to promote its 10 p.c stake within the firm through provide on the market (OFS). The shares of the corporate have been buying and selling at Rs 27.65, down by 9.05 p.c or 2.75 factors at 3:30 pm on the BSE.

On the Nationwide Inventory Alternate (NSE) the shares declined by 9.20 p.c or 2.80 factors to commerce at Rs 27.65 at 3:30 pm.

Round 20,85,02,010 fairness shares of Rail Vikas Nigam will likely be offered via OFS, the federal government had stated earlier.

In case of oversubscription, extra 10,42,51,005 fairness shares or 5 p.c will likely be offered.

In keeping with the knowledge obtainable Rs 27.50 per share has been mounted as the ground worth for the provide. March 25 is the final day for the provide on the market.

The data concerning the provide on the market was offered by the Division of Funding and Public Asset Administration (DIPAM) secretary Tuhin Kanta Pandey, who tweeted: “Supply for Sale in RVNL opens tomorrow (March 24) for Non Retail buyers. Retail buyers can bid on Thursday. The federal government would divest 10 p.c fairness with a 5 p.c Inexperienced Shoe possibility.”

 Shares of Rail Vikas Nigam Restricted hit an intraday low of Rs 27.65 whereas intraday excessive is Rs 28.40.

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