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Indian Railway Finance Corporation (IRFC) rose 2.22% to Rs 25.30 after the company's standalone net profit jumped 126.46% to Rs 1,482.55 crore on 38.97% rise in total revenue from operations to Rs 4,454.96 crore in Q4 March 2021 over Q4 March 2020.
During the financial year, IRFC's standalone net profit climbed 38.34% to Rs 4,416.13 crore on 17.50% increase in total revenue from operations to Rs 15,770.47 crore in FY 2021 over FY 2020.
Meanwhile, the board approved the enhancement of borrowing limit of the company to Rs 8,00,000 crore from Rs 4,00,000 crore, subject to the approval of shareholders.
IRFC is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. The Government of India held 86.36% stake in the company as on 31 March 2021.
The initial public offer (IPO) of of IRFC was subscribed 3.49 times. The issue opened for subscription on 18 January 2021 and closed on 20 January 2021. The price band for the IPO was set at Rs 25-26 per share.
The stock was listed on the bourses on 29 January 2021 at Rs 25 per share, at a discount of 3.85% to IPO price of Rs 26 per share. The scrip lost 0.6% on that day to end at Rs 24.85.
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