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JSA for banks, DSK, Riker Danzig for rail engineering PSU RITES $94.5m IPO

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 RITES and the selling shareholders in relation to the proposed IPO.

Riker Danzig Scherer Hyland & Perretti acted as the international legal counsel to RITES and the selling shareholders.

A J Sagar Associates team advised Elara Capital India IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets the book running lead managers to the issue and comprised of partners Rohitashwa Prasad and Arka Mookerjee, senior associates Pracheta Bhattacharya and Swapneil Akut, and associates Rushab Dhandokia, Anshu Bansal, Rishabhdev Jain, Ananth Balaji and Amandeep Singh Virk.

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.


This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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