Rail Vikas Nigam Ltd (RVNL) is down in the red today since the opening bell, going down 9% to hit an intraday low at Rs.27.65 and continues to remain around the same levels. Its 20% LC for the day is at Rs.24.35.
The stock has tanked as the PSU has opened its Offer For Sale today for Non-Retail Investors and tomorrow for Retail Investors.
The Govt is diluting 15% stake - 10% equity with a 5% Green Shoe option, to raise nearly Rs.750 crore.
The floor price has been fixed at Rs 27.50/share, a 9.54% discount to yesterday’s closing price of Rs 30.40 on the BSE.