Rail Vikas Nigam shares plunge over 9% after Government of India decides to offload stake
The knowledge relating to the provide on the market was supplied 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 % after the federal government determined to promote its 10 % 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 % or 2.75 factors at 3:30 pm on the BSE.
On the Nationwide Inventory Alternate (NSE) the shares declined by 9.20 % 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 might be bought by means of OFS, the federal government had mentioned earlier.
In case of oversubscription, extra 10,42,51,005 fairness shares or 5 % might be bought.
In accordance to the knowledge obtainable Rs 27.50 per share has been fastened as the ground worth for the provide. March 25 is the final day for the provide on the market.
The knowledge relating to the provide on the market was supplied by the Division of Funding and Public Asset Administration (DIPAM) secretary Tuhin Kanta Pandey, who tweeted: “Provide for Sale in RVNL opens tomorrow (March 24) for Non Retail buyers. Retail buyers can bid on Thursday. The federal government would divest 10 % fairness with a 5 % Inexperienced Shoe possibility.”
Provide for Sale in RVNL opens tomorrow for Non Retail buyers. Retail buyers can bid on Thursday. Govt. would divest 10% fairness with a 5% Inexperienced Shoe possibility. pic.twitter.com/L253JVTIGW
— Secretary, DIPAM (@SecyDIPAM) March 23, 2021
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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