(Anjali Shreya, Intern Journalist): Indian Railway Finance Corporation (IRFC) has filed a petition with market regulator Sebi for offering IPO. The company is about to sell 178 crore shares in the issue.
According to the petition draft filed by the company, 1,782,069,000 shares will be offered in this issue. The government will sell 54.9 crore shares under offer-for-sale (OAFS), while 1,188,046,000 fresh shares will be offered.
The proceeds from this issue will be used to meet future working needs and general corporate needs. The company had filed an IPO petition in January, in which it was to offer 93.8 crore fresh shares and 46.9 crore shares under OFS.
Dam Capital Markets (formerly IDFC Securities), HSBC Securities and Markets, SBI Capital Markets, and ICICI Securities are the managements of the issue.
The Central Cabinet had approved the listing of five railway companies in April 2017. Four of these – IRCON International, Rights, Rail Vikas Nigam, and IRCTC have already been listed and IRFC will be the last name in this list.
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