Indian Railway Finance Corporation (IRFC) has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The IPO comprises 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 shares of the company are proposed to be listed on NSE and BSE.
The funds will be utilized towards augmenting the company's equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes. The book running lead managers to the issue are IDFC Securities, HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets.
IRFC was incorporated as the dedicated market borrowing arm for the Indian Railways and has played a strategic role in financing the latter's operations.
