IRCON, IRCTC and RITES to Come up Soon With their IPOs
DSIJ Intelligence / 16 Jun 2017
Finance Minister Arun Jaitley had previously announced the plans of Indian Railways’ to list its subsidiaries this year after the merger of railway budget with union budget.
With the Department of Investment and Public Asset Management (DIPAM) calling for proposals for the appointment of registrars for their listing, the initial public offers (IPOs) of IRCON International Ltd, Indian Railway Catering and Tourism Corp. (IRCTC) and RITES Ltd are on course, a leading news agency reported.
IRFC is the sole financier of railway projects by sourcing low-cost funds from the market,while, IRCTC handles almost 60% of railway ticket bookings IRCON, the infrastructure and engineering arm of the railways, also builds projects overseas for governments and private parties.
Finance Minister Arun Jaitley had previously announced the plans of Indian Railways’ to list its subsidiaries this year after the merger of railway budget with union budget.
The last date for the submission of proposals is7 July, according to DIPAM’s advertisement for the registrar’s appointment.
DIPAM has already shortlisted investment banks to manage the IPO of Indian Railways Finance Corp. Ltd, another railways subsidiary, the report added.
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