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/ India News / 2008 / January 2008 / January 10, 2008 Govt approves raising money through IPO for RITES |
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The Union Government today gave its approval for raising fresh equity through IPO (initial public offer) of ten million shares (face value of Rs.10 each) for RITES, a company under the Indian Railways.
New Delhi, Jan 10 : The Union Government today gave its approval for raising fresh equity through IPO (initial public offer) of ten million shares (face value of Rs.10 each) for RITES, a company under the Indian Railways.
After the IPO, paid up equity of RITES Ltd will rise from Rs. 40 million to Rs. 50 million and the Government's holding in the company will be reduced to 72 percent.
RITES Ltd. has entered in newly emerging business of concession of existing railway lines, build-operate-transfer (BOT) of rail and infrastructure project, leasing of rail equipment.
The IPO will facilitate raising funds for investment for these projects.
ANI
