Indian Railway Finance Corporation files IPO draft papers with Sebi

Indian Railway Finance Corporation has filed draft papers with markets regulator Sebi for its initial public offering (IPO).

The public issue is of up to 140,70,69,000 equity shares of which up to 93,80,46,000 equity shares are fresh issue, and up to 46,90,23,000 equity shares are offer for sale, according to the draft red herring prospectus (DRHP).

The net proceeds from the offer are proposed to be utilised towards augmenting the company's equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes, it said.

IDFC Securities, HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets are the book running lead managers to the issue.

The shares of the company are proposed to be listed on the BSE and the NSE.

The company was incorporated as the dedicated market borrowing arm for the Indian Railways and has played a strategic role in financing the latter's operations, as per the draft prospectus.