Govt expects to raise Rs.466 crore from RITES

Railway consultancy RITES Ltd’s initial public offer was subscribed 66.75 times as the government expects to raise Rs.466 crore from the issue.

The government is selling 12.6% stake or 2.52 crore equity shares, including 12 lakh shares to employees.

The Government is expected to raise Rs.466 crore from the RITES issue. The issue received bids for 168.20 crore shares worth Rs.30,630 crore against the issue size of 2.52 crore shares worth Rs 466 Crore.

The segment meant for qualified institutional buyers (QIBs) was subscribed 71 times, non-institutional investors 194 times, while the retail investors segment was subscribed over 13 times.

Price band for the issue has been fixed at Rs.180-185 per share, with a discount of Rs.6 for retails investors and employees. fiinews.com