The Union authorities will sell a stake of up to 5.36% in state-owned Rail Vikas Nigam this week, in a deal that would fetch ₹13.3 billion ($162.12 million), an change submitting confirmed on Wednesday.
The authorities, which owns a 78.2% stake in RVNL, has proposed to sell a 3.4% holding in the state-run railway infrastructure firm, with an possibility to sell 1.96% extra if oversubscribed.
The flooring value for the sale has been set at ₹119 per share, representing a greater than 11% low cost to Rail Vikas inventory’s closing value on Wednesday.
Out of its ₹510 billion divestment goal for 2023/24, the federal government has garnered ₹42.3 billion by sale of shares in different state-run corporations.
In May, the Indian authorities bought a 3% stake in Coal India.
