Indian Railway Finance Corporation IPO Opens Today in Rs 25-26 per Share Price Band

The IPO worth over Rs 4,600 crore would close on January 20.

Updated: January 18, 2021 10:52 AM IST

By India.com Business Desk | Edited by Priyanka

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New Delhi: The initial public offering (IPO) of the Indian Railway Finance Corporation (IRFC) will open on January 18 in the price band of Rs 25-26 per share.

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The IPO worth over Rs 4,600 crore would close on January 20.

The IPO of the NBFC comprises up to 178.20 crore equity shares of Rs 10 each, including fresh issue of 118.80 crore shares and offer for sale of 59.4 crore equity shares.

This is the first IPO by a railway non-banking financial company (NBFC). This is also the first IPO of 2021.

In January 2020, IRFC had filed draft papers for its IPO.

On Friday, the company raised Rs 1,390 crore from its anchor investors.

Established in 1986, IRFC is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. The primary objective of IRFC is to meet the predominant portion of ‘extra budgetary resources’ requirement of the Indian Railways through market borrowings at the most competitive rates and terms.

The Non-Banking Financial Company (NBFC) would utilise the proceeds of the IPO for augmenting equity capital base to meet future capital requirements and general corporate purposes.

(With IANS inputs)

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Published Date: January 18, 2021 10:50 AM IST

Updated Date: January 18, 2021 10:52 AM IST