Govt collects ₹729 cr from sale of 10% stake in RITES

by mehekkaoberoi
  • Finance Ministry has collected ₹729.44 crore from divestment of 10% stake, or 2.5 crore equity shares, in its railway engineering consultancy company RITES Ltd through the Offer-For-Sale (OFS) route.
  • Shares of the company have slumped nearly 8% in past three sessions on the government’s decision to divest its stake in the company. The stock fell a marginal 0.25% to ₹282.15 on the BSE
  • The government had proposed selling 10% stake in the company on 22 November to non-retail investors only and on 25 November to retail investors and non-retail investors, with an option to additionally sell up to 1.25 crore equity shares, representing 5% stake, through the offer-for-sale route.
  • The floor price for the OFS was set at ₹293.50 per share. Retail investors were to be allocated shares at a discount of 5% to the cut-off price.

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