RITES’ public offer opens tomorrow

Tribune News Service

New Delhi, June 18

RITES, a government enterprise set up under the aegis of Indian Railways, on Monday announced the launch of its IPO, which will open on June 20 for subscription with a price band of Rs 180-185 per share, as the Centre aims to mop up Rs 460 crore from the issue.

The government is offloading 2,52,00,000 shares of which 12,00,000 would be reserved for subscription by eligible employees, who will get a discount of Rs 6 per share on the offer price.

RITES CMD Rajeev Mehrotra said, the floor price of offered shares is 18 times of the face value and bids could be made for a minimum of 80 equity shares and in the multiple of 80 thereafter.