After the successful listing of IRCTC, the disinvestment department is hopeful of completing the listing of two rail PSUs, including the Indian Railway Finance Corporation (IRFC) in the current fiscal.
It has issued Request for Proposal (RFP) for appointing a registrar for the listing of RailTel by offloading 25% of the government stake.
- Sources said that the plan is to list IRFC, the financing arm of the Indian Railways for mobilising funds from domestic as well as overseas capital markets, before March 31, as currently market condition is also favourable.
- sources said,”But the amount would not be much as the plan could be to offload 10% which may give Rs 1,000 crore.”
- DIPAM (Department of Investment and Public Asset Management) has got the online ticketing, tourism and the catering arm of railways, the Indian Railway Catering and Tourism Corporation (IRCTC), listed recently and is looking to raise up to Rs 645 crore through an IPO.
- A total of 10 PSUs were lined up for IPOs this year to achieve the disinvestment target of Rs 1.05 lakh crore in the current fiscal.
- In April 2017, the Cabinet Committee on Economic Affairs (CCEA) had approved listing of 5 railway companies – IRCON International, RITES, RVNL, IRFC and IRCTC.
- Out of these, IRCON International and RITES, were listed in 2018-19.
- The government had raised around Rs 466 crore through another railways arm, the Rail Vikas Nigam Limited (RVNL), in the first IPO of the fiscal year, by divesting 12.12% stake.
- The current year’s disinvestment target is Rs 1.05 lakh crore.