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Government to divest upto 25 per cent stake in RailTel; invites bids from merchant bankers

May 21, 2019
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According to the Department of Investment and Public Asset Management (DIPAM), the government is looking divest up to 25 per cent paid-up equity share capital in RailTel Corporation of India through an initial public offer (IPO). To this end, the DIPAM has invited bids from merchant bankers by June 11, 2019.

The government will appoint up to three merchant bankers to manage the listing process. The listing would entail disinvestment of a portion of paid-up equity of RailTel through a prospectus-based IPO in the domestic market. However, the invitation for bids does not mention when the likely listing would take place.

The railway ministry owns 100 per cent shares in RailTel Corporation of India, which provides broadband telecom and multimedia network across the country. The company's authorised share capital stands at Rs 10 billion at present. Currently, the entire paid-up share capital of Rs 3.21 billion is fully subscribed by the railway ministry.

RailTel's profit after tax for the fiscal 2017-18 stood at Rs 1.56 billion. As on March 31, 2018, it had a net worth of Rs 12.49 billion.

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