Indian Railway Finance Corporation sets price band at Rs 25-26

The IPO includes a fresh issue of up to 118.8 crore shares (fresh issue) and an offer for sale of up to 59.4 crore equity shares by the President of India, acting through the ministry of railways. Shutterstock

Our Bureau

Mumbai | Published 14.01.21, 02:36 AM

Indian Railway Finance Corporation (IRFC), a public sector undertaking under the railways ministry, on Wednesday fixed the price band at Rs 25-26 per equity share for its Rs 4,600-crore initial public offering (IPO).

The offer will comprise up to 178.2 crore shares of face value of Rs 10 each.

The IPO includes a fresh issue of up to 118.8 crore shares (fresh issue) and an offer for sale of up to 59.4 crore equity shares by the President of India, acting through the ministry of railways.

Thus, the government is expected to mobilise Rs 1,544 crore at the upper price band.

The government has set a target of raising Rs 2.1 lakh crore through divestment in the current financial year. PTI