RVNL falls almost nearly 7% as offer for sale opens

The government is looking to sell up to 5.36 percent stake in Rail Vikas Nigam and raise around Rs 1,330 crore

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Shares of Rail Vikas Nigam Ltd (RVNL) dropped as much as 6.6 percent in the morning trade on July 27, as the government launches an offer for sale (OFS) to pare its stake by up to 5.36 percent.

At 9.30 am, the stock was trading at Rs 129 on BSE, down 4 percent from its previous close. The stock hit a low of Rs 125.50 and fell as much as 6.6 percent in early trade.

The OFS at Rs 119 a share is at more than 11 percent discount to the closing price of Rs 134.40 on July 26. The government is looking to raise around Rs 1,330 crore.

The OFS will be open for non-retail and retail investors on July 27 and July 28, respectively. The government will divest 5.36 percent equity, including a green shoe option of 1.96 percent. The proposal is to offload 11.17 crore shares in the rail PSU.

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RVNL works is the construction arm of the ministry of railways for project implementation and transportation infrastructure development. It recently bagged a Rs 808-crore contract from the National Highways Authority of India for the rehabilitation and upgrade of the Chandikhole-Paradip Section in Odisha from four to eight lanes.