Press Release (ePRNews.com) - INDORE, India - Apr 26, 2017 - The department of investments and public assets management (DIPAM) has shortlisted investment banks to manage the initial public offering (IPO) of Indian Railways Finance Corporation Ltd (IRFC), as per sources.
The IRFC had invited bankers for presentations and submission of bids for Initial public offerings of three railway firms viz. IRCTC (Indian Railway Catering & Tourism Corpn), IRCON International Ltd and IRFC. Presentations for the said companies were held on Monday, 24 April 2017, in New Delhi. For IRFC’s IPO, they have shortlisted three banks – IDFC Bank, ICICI Securities and HSBC Bank. Short listing of bankers for further two more companies is also expected soon.
As per reliable source, the IRFC’s IPO sale could see the government divest a stake worth at least Rs. 2,000 crore. The company raises huge volumes of capital in line with requirements of the Indian Railways.
As per IRFC’s annual report for year 2014-15, the company helped the railways raise over Rs. 1.5 trillion. The company reported revenue of Rs. 7506 crore and profit of Rs. 848.6 crore in 2015-16.
Other state-owned defence ministry enterprises that have been cleared for IPOs include Bharat Dynamics Ltd, Garden Reach Shipbuilders and Engineers and Mazagon Dock Shipbuilders Ltd.
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