Ministry of railways operated public sector enterprise, RITES has filed the draft red herring prospectus with SEBI for an initial public offering to raise an estimated Rs 600 crores (approximately $94.5m) by way of an offer for sale by the President of India for a sale of upto 24 million equity shares, including a reservation of additional equity shares in favour of the employees, as reported by The Hindu Business Line and VC Circle. The issue will be made through a 100% book-building process having a face value of Rs 10 per share at a price yet to be determined.
DSK Legal acted as the Indian legal counsel to
Riker Danzig Scherer Hyland & Perretti acted as the international legal counsel to
A J Sagar Associates team advised
Incorporated by the railways ministry, RITES a Mini Ratna Grade 1 multi-disciplinary public sector enterprise and provides transport consultancy and engineering services in India, also providing consultancy services across other infrastructure and energy market sectors. It is the only export arm of the Indian Railways for providing rolling stock overseas and has an experience of 43 years in over 55 countries. It was also reported that the current issue is expected to enhance the company’s visibility and brand image and provide liquidity to the shareholders.
2018-01-17
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