Indian Railway Finance Corporation Files IPO Draft Papers With SEBI
Indian Railway Finance Corporation has filed draft papers with Securities and Exchange Board of India for its initial public offering.
As many as 140.7 crore equity shares will be up for grabs in the IRFC IPO, of which 93.8 crore are fresh issue and up to 47 crore are offer-for-sale, according to the draft red herring prospectus filed with SEBI.
The net proceeds from the offer 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, the Indian Railways firm said.
IDFC Securities, HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets are the book running lead managers to the IRFC IPO. The shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
The company was incorporated as the dedicated market borrowing arm for the Indian Railways and has played a strategic role in financing the latter's operations, according to the DRHP.