The government is selling up to 5. 4% in Rail Vikas Nigam (RVNL) through an offer for sale (OFS) that would start on Thursday and close on Friday. Going by Wednesday’s closing price of the stock, the government could mobilise about Rs 1,500-crore from RVNL OFS. The floor price for the offer is Rs 119, which is an 11% discount to RVNL’s closing price of Rs 134 on the BSE on Wednesday.
According to a company disclosure, the government is offering to sell nearly 7. 1 crore shares (3. 4%) of RVNL at the floor price. In case of oversubscription, it also has the option to sell another 4. 1 crore shares (2%) of the company under the green shoe option.
