RITES stake sale on course; price band likely to be decided today

The government plans to divest at least 12.72% in RITES to raise Rs 4-4.5 billion

The government is looking to divest at least 12.72 per cent stake in Railway subsidiary RITES in a month's time. 

According to sources close to the development, the plan is to raise Rs 4-4.5 billion through the listing of RITES. "The price band is likely to be decided at a meeting scheduled today. Out of 12.72 per cent (to be sold), 0.72 per cent will be available for employees," said a government official. However, the proposed listing of another railway arm IRFC is likely to get delayed further for lack of clarity on the exemption of a deferred tax liability. 

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