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Railway PSU RITES aims for $550 Mn valuation in IPO

12Jun By Lavina TolaniNo Comments

Market

Railway PSU RITES aims for $550 Mn valuation in IPO

The public sector undertaking (PSU) of Indian Railways, RITES is looking forward to Rs. 3700 crore valuation in its initial public offering slated for June 20-22. RITES, which is a state-owned railway consultant has designated a price band of Rs. 180-185 apiece resulting in an IPO size of Rs 466.20 crore. Additionally, there is a Rs. 6 discount that will be given to retail investors and eligible employees. According to the sources, the proposed IPO will involve a sale of 25.2 million shares by the government which also includes the stock reserved for the employees. Meanwhile, another news is ongoing rounds regarding RITES likely to acquire around 25 per cent stake in Indian Railway Stations Development Corporation (IRSDC), the nodal agency for the redevelopment projects. The gover...

PSU Garden Reach Shipbuilders Receives SEBI Nod for IPO

While the IPO market is still dormant, Garden Reach Shipbuilders & Engineers has received SEBI's approval to go ahead with its initial public offering. According to the latest update, the warship maker has filed a draft red herring prospectus (DRHP) with market regulator on March 26 and had obtained its observations on May 22. Garden Reach Shipbuilders, abbreviated at GRSE, it is one of the leading shipyards in the country situated in Kolkata, West Bengal. While it builds and repairs commercial and naval vessels, it has recently started building export ships in a mission to expand its business. As per the draft filed, Garden Reach Shipbuilders IPO will account for selling of 20,046,600 equity share which corresponds to 17.5 percent stake in the company. The public issue i...

India’s Leading PSU Bank SBI Launches ‘Work from Home’ Facility For Employees

Country's largest lender State Bank of India today launched a new facility to enable its employees to work from home. The Board of the bank has recently approved the 'Work from Home' policy to enable its employees to work while at home using mobile devices to address any urgent requirement they may have, that prevents their travelling to work. The lender will be using mobile computing technologies and shall have continuous control over all the enabled devices centrally to manage and secure the data and applications on the mobile devices, the bank said in a statement here today. The use of technology and services shall be monitored through carefully designed MIS and dashboard to enable improvements and refinements, it said. The bank said going forward cross-sell, marketing, CR...