Indian government proposes to sell up to 5.36% stake in Rail Vikas Nigam
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The Indian government will sell a stake of up to 5.36% in state-owned Rail Vikas Nigam this week, in a deal that could fetch 13.3 billion rupees ($162.12 million), an exchange filing showed on Wednesday. The government, which owns a 78.2% stake in RVNL, has proposed to sell a 3.4% holding in the state-run railway infrastructure company, with an option to sell 1.96% more if oversubscribed. The floor price for the sale has been set at 119 rupees per share, representing an over 11% discount to Rail Vikas stock's closing price on Wednesday. Out of its 510 billion rupees divestment target for 2023/24, the government has garnered 42.3 billion rupees through sale of shares in other state-run firms.
In May, the Indian government sold a 3% stake in Coal India.
