The government is targeting to raise over Rs 300 crore through an IPO of RailTel Corporation and has asked the telecom infrastructure provider to speed up finalising its books of accounts for 2018-19.
"The plan is to launch the IPO by September. We are looking to raise about Rs 300 crore from the share sale," an official said.
"RailTel Corp has been asked to prepare their audited financial results by mid of June so that documents can be filed with regulatory authorities for approval," the official added.
In December, the Cabinet Committee on Economic Affairs approved a plan to list six public sector companies, including RailTel Corp.
The government last month raised Rs 476 crore by selling 12 per cent stake in Rail Vikas Nigam Ltd (RVNL) through an IPO.
The government has budgeted to raise Rs 90,000 crore through PSU divestment in current fiscal, compared to Rs 84,972 crore raised in 2018-19.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)