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RITES IPO opens on June 20

Wednesday, June 13, 2018

The initial public offer of railways consultancy firm RITES will hit the market on June 20, with the government aiming to garner about Rs 467 crore through the share sale. RITES would be the first state-owned firm to hit the IPO market in the current fiscal. The company is a wholly owned Government Company, a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India
The price band for the issue has been fixed at Rs 180-185 a share. In the RITES IPO, the government is selling 12.% stake or 2.52 crore equity shares, including 12 lakh shares to employees. The IPO would open for bids on June 20 and close on June 22.

At the upper end of the price band of Rs 185 a scrip, the IPO would fetch around Rs 460 crore to the exchequer. The paid-up share capital of RITES currently stands at Rs 200 crore. The government holds 100% stake in the company. The company has been consistantly been making profit since the last five years and has an order book of Rs 4818 crore currently, said Rajeev Mehrotra, Chairman and Managing Director, RITES Ltd.

The shares will be listed on BSE and NSE.
 

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