The Indian government plans to sell a portion of its equity shares in Rail Vikas Nigam Limited to comply with public shareholding requirements. Offer includes selling up to 3.40% of the total paid-up equity share capital on July 27 for non-retail investors, and on July 28 for retail investors.
According to an exchange filing on Wednesday, the promoter entity is looking to sell up to 7% stake (2.53 crore shares) at a floor price of Rs 1,000 per share. It was also supposed to sell another 2% in case there was an oversubscription. However, Patanjali Ayurved said on July 13 that it will not utilise the 2% oversubscription option (also called the greenshoe option). It did not mention the reason behind the change of mind.