Rail Vikas Nigam Falls As Government Offloads 10% Stake Via Offer For Sale

RVNL Share Price: The floor price for the offer is Rs 27.50 per share which is at a discount of 9.53 per cent to Tuesday's closing price on the BSE.

Rail Vikas Nigam Limited (RVNL) shares fell as much as 8.55 per cent to hit an intraday low of Rs 27.80 as the offer for sale by the government of India opened for subscription. The government is selling 20.85 crore shares in the company equivalent to 10 per cent of the equity stake with an option to sell additional 10.42 crore shares representing 5 per cent equity stake in case the offer is oversubscribed, according to information on stock exchanges. (Track Rail Vikas Nigam share price here) The floor price for the offer is Rs 27.50 per share which is at a discount of 9.53 per cent to Tuesday's closing price on the BSE. The offer for sale will end on March 25. RVNL was incorporated as an 100 per cent owned PSU of Ministry of Railways on March 24, 2003 with the twin objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis. RVNL became fully functional by March 2005.