RITES fell 1.52% to Rs 243.75 after the government proposed sale of equity shares of the company through an offer-for-sale.
The announcement was made post trading hours yesterday, 21 November 2019.
The government has proposed to sell 2.50 crore equity shares, in aggregate representing 10% stake in the company on 22 November 2019 (for non-retail investors only) and on 25 November 2019 (for retail investors and for non-retail investors), with an option to additionally sell up to 1.25 crore equity shares, representing 5% stake, through an offer-for-sale (OFS). The floor price for the OFS is Rs 293.50 per share. Retail investors will be allocated shares at a discount of 5% to the cut-off price.
RITES is a public sector enterprise (PSE) and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. Government's stake in RITES stood at 87.4% as on 30 September 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app