Indian Railway Finance Corporation Ltd IPO
IPO Synopsis
IPO Synopsis
Indian Railways Finance Corporation (IRFC) is coming with its Initial Public Offering of about ₹4,600Cr. The issue will open on January 18 and will be closing on January 20.
IRFC, the public-sector enterprise is responsible to raise funds for MoR that is required to procure rolling stock assets (wagons, trucks, electric multiple units, locomotives, coaches), its improvement, expansion, and assets management.
Objects of the Issue:
- To augment company's equity capital base to meet business future growth requirements
- To meet general corporate purposes
Initial Public Offering of up to 1,782,069,000 equity shares of face value of Rs.10 each (equity shares) of Indian Railway Finance Corporation Limited (the company or the issuer) for cash at a price of Rs.(*) per equity share (including a premium of Rs.(*) per equity share) (the issue price) aggregating to Rs.(*) Crores (issue) Consisting of a fresh issue of up to 1,188,046,000 equity shares aggregating to Rs.(*) Crores (fresh issue) and an offer for sale of up to 594,023,000 equity shares by the President of india, acting through the MoR (selling shareholder), aggregating to Rs.(*) Crores (offer for sale). The issue includes a reservation of up to (*) equity shares aggregating to Rs. 0.50 Crores for subscription by eligible employees (employee reservation portion). The issue less employee reservation portion is referred to as the net issue. The issue and the net issue will constitute up to 13.64 % and up to (*) % respectively, of the post issue paid-up equity Share capital of the company. The face value of each equity share is Rs.10. The issue price is (*) times the face value of the equity shares. The Price Band, retail discount, employee discount, if any, in rupees, to the retail individual bidders and to the eligible employees bidding in the employee reservation portion, respectively, and the minimum bid lot will be decided by the company. *Retail Discount of Rs.(*) per equity share to the issue price may be offered to the retail individual bidders and employee discount of Rs.(*) per equity share to the issue price may be offered to the eligible employees bidding in the employee reservation portion.