Indian Railway Finance Corporation IPO Opens Today in Rs 25-26 per Share Price Band

Indian Railway Finance Corporation IPO Opens Today in Rs 25-26 per Share Price Band

New Delhi: The initial public offering (IPO) of the Indian Railway Finance Corporation (IRFC) will open on January 18 in the price band of Rs 25-26 per share. Also Read – Watch Video: How to Start Investing in Share Market | Basic Tips For Beginners

The IPO worth over Rs 4,600 crore would close on January 20. Also Read – Share Market Holidays in July 2020: Here’s The Complete List of Days Stock Market Will Remain Closed

The IPO of the NBFC comprises up to 178.20 crore equity shares of Rs 10 each, including fresh issue of 118.80 crore shares and offer for sale of 59.4 crore equity shares. Also Read – Share Market Holidays in May 2020: Here’s The Complete List of Days Stock Market Will Remain Closed

This is the first IPO by a railway non-banking financial company (NBFC). This is also be the first IPO of 2021.

In January 2020, IRFC had filed draft papers for its IPO.

On Friday, the company raised Rs 1,390 crore from anchor investors.

Established in 1986, IRFC is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. The primary objective of IRFC is to meet the predominant portion of ‘extra budgetary resources’ requirement of the Indian Railways through market borrowings at the most competitive rates and terms.

The Non-Banking Financial Company (NBFC) would utilise the proceeds of the IPO for augmenting equity hacienda cojín to meet future hacienda requirements and universal corporate purposes.

(With IANS inputs)


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