RailTel Corporation of India has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise Rs 700 crore through an initial public offering (IPO). The IPO is entirely an offer-for-sale through which the government will offload 8.66 crore equity shares.
The company, which filed the draft red herring prospectus with the SEBI in October, got the regulator’s approval on November 6, 2020. ICICI Securities, IDBI Capital, SBI Capital Markets are merchant bankers to the issue.
RailTel Corporation a ‘Mini Ratna (Category-I)’ PSU is one of the largest neutral telecom infrastructure providers in the country owning a Pan-India optic fiber network on exclusive Right of Way (ROW) along Railway track. The company provides broadband telecom and multimedia network across the country.
