RVNL share price falls over 6% as offer for sale opens
Rail Vikas Nigam Ltd (RVNL) share price plunged over 6 percent on Thursday after the government launched an offer for sale (OFS) to pare its stake in the company by up to 5.36%. RVNL share price declined as much as 6.58% to ₹125.50 apiece on the BSE. The central government on July 26 had announced the 'Offer for Sale' of Rail Vikas Nigam Ltd.
The floor price for the RVNL OFS is ₹119 per equity share, which is at a discount of nearly 11% from RVNL's closing price on July 26. Read here: Centre announces OFS for RVNL, to sell up to 5.36% stake The OFS will be open for non-retail on July 27 and for retail investors on July 28. The government is set to divest 5.36% stake in the company, including a green shoe option of 1.96%.
It proposes to offload 11.17 crore shares in the railway PSU via the OFS. "Offer for sale in RVNL opens tomorrow for non-retail investors. Retail investors can bid on Friday.
The government will divest 5.36 percent equity including a green shoe option of 1.96 percent," Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said in a tweet. Also Read: Axis Bank share price rises after Q1 results; Should you buy, sell or hold? Check out what brokerages say RVNL share price has rallied more than 88% in 2023 so far. The stock has jumped over 314% in the last one year period.
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