Govt’s share sale in RVNL over-subscribed, buyers put in Rs 1,900 cr bids
The government’s 5.36 per cent share sale in Rail Vikas Nigam Ltd (RVNL) was oversubscribed on the first day of issue with institutional buyers putting in bids worth about Rs 1,900 crore.
In the two-day Offer-for-Sale (OFS), the government is selling 11.17 crore shares, representing 5.36 per cent stake at a floor price of Rs 119 apiece. The offer includes a greenshoe option of an additional 4.08 crore RVNL shares or 1.96 per cent stake.
On the first day of share sale, institutional buyers put in bids for 15.64 crore shares, as against the base issue size of 6.38 crore. At an indicative price of Rs 121.17 apiece, the bids are worth close to Rs 1,900 crore.
