IRFC files IPO papers with Sebi; raises issue size

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October 26, 2020 10:32 PM

The net proceeds are proposed to be utilised towards augmenting the company's equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes.

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Indian Railway Finance Corporation (IRFC) has filed papers with markets regulator Sebi to float an initial public offering of over 178 crore shares. According to an addendum to the draft red herring prospectus filed with Sebi on Friday, the IPO would see sale of 1,782,069,000 equity shares. This includes a fresh issue of 1,188,046,000 equity shares and an offer for sale of 59.4 crore equity shares by the Government of India.

The net proceeds are proposed to be utilised towards augmenting the company’s equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes.

DAM Capital Market Advisors (formerly known as IDFC Securities), HSBC Securities and Capital Markets, ICICI Securities and SBI Capital Markets are managing the offer. Earlier in January, IRFC had filed draft papers for IPO, which comprised a fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India.

The Union Cabinet had in April 2017 approved listing of five railway companies. While four of them — IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp — have already been listed, IRFC is likely to be put on the block by this year-end.

The government has set a target of raising Rs 2.1 lakh crore through divestment in current fiscal. This includes Rs 1.20 lakh crore through CPSE (Central Public Sector Enterprises) stake sale, and the remaining Rs 90,000 crore from financial institutions.

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