Through the OFS, the Government of India (the 'promoter') proposes to sell up to 7,08,90,683 equity shares (representing 3.40% stake), with an option to sell an additional 1.96% stake or 4,08,66,394 equity shares in case of oversubscription.
The floor price for the sale has been set at Rs 119, a 7.43% discount to the stock's closing price of Rs 128.55 on Wednesday, 26 July 2023.
The total OFS size (base size + green shoe) stands at 11,17,57,077 shares, representing 5.36% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 1,329.90 crore.
The Government of India held 78.20% stake in Rail Vikas Nigam as of 30 June 2023.
The OFS opened on Thursday (27 July 2023) for non-retail investors, while both retail and non-retail investors were allowed to subscribe on Friday (28 July 2023).
On Thursday (T day), the OFS received subscription for 17,44,72,178 shares as against the non-retail base offer size of 6,38,01,614 shares.
On Friday (T+1 day), the OFS received subscription for 1,46,12,530 shares as against the total retail category offer size of 1,11,75,708 shares. The non-retail portion received bids for 1,26,00,000 shares while the retail portion received bids for 20,12,530 shares.
The shares in the OFS were allotted at the price of Rs 121.60 per share to both the categories.
Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc.
The company's net profit declined 5% to Rs 359.25 crore on 11.15% decrease in revenue from operations to Rs 5,719 crore in Q4 FY23 over Q4 FY22.
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