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Rail Vikas Nigam shares plunge over 9% after Government of India decides to offload stake – Business News , Firstpost



The info relating to the provide on the market was offered by the Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey

The share worth of Rail Vikas Nigam Ltd (RVNL) plunged over 9 % after the federal government determined to promote its 10 % stake within the firm through provide on the market (OFS). The shares of the corporate had been buying and selling at Rs 27.65, down by 9.05 % or 2.75 factors at 3:30 pm on the BSE.

On the National Stock Exchange (NSE) the shares declined by 9.20 % or 2.80 factors to commerce at Rs 27.65 at 3:30 pm.

Around 20,85,02,010 fairness shares of Rail Vikas Nigam shall be offered by means of OFS, the federal government had stated earlier.

In case of oversubscription, further 10,42,51,005 fairness shares or 5 % shall be offered.

According to the knowledge obtainable Rs 27.50 per share has been fastened as the ground worth for the provide. March 25 is the final day for the provide on the market.

The info relating to the provide on the market was offered by the Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey, who tweeted: “Offer for Sale in RVNL opens tomorrow (March 24) for Non Retail traders. Retail traders can bid on Thursday. The authorities would divest 10 % fairness with a 5 % Green Shoe choice.”

 Shares of Rail Vikas Nigam Limited hit an intraday low of Rs 27.65 whereas intraday excessive is Rs 28.40.

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