IRFC files papers with Sebi to float IPO of over 1.78 bn shares

Indian Railway Finance Corporation (IRFC) has filed papers with markets regulator Sebi to float an initial public offering of over 1.78 billion shares.

According to an addendum to the draft red herring prospectus filed with Sebi on Friday, the IPO would a fresh issue of 1,188,046,000 equity shares, and an offer for sale of 594 million equity shares by the Government of India.
 

The net proceeds 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.
 

DAM Capital Market Advisors (formerly known as IDFC Securities), HSBC Securities and Capital Markets, ICICI Securities and SBI Capital Markets are managing the offer.
 

Earlier in January, IRFC had filed draft papers for IPO, which comprised a fresh issue of 938 million equity shares and an offer for sale of 469 million equity shares by the Government of India.