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NEW DELHI/BENGALURU: The Indian government will sell a stake of up to 5.36% in state-owned Rail Vikas Nigam this week, in a deal that could fetch 13.3 billion rupees ($162.12 million), an exchange filing showed on Wednesday.
The government, which owns a 78.2% stake in RVNL, has proposed to sell a 3.4% holding in the state-run railway infrastructure company, with an option to sell 1.96% more if oversubscribed.
The floor price for the sale has been set at 119 rupees per share, representing an over 11% discount to Rail Vikas stock's closing price on Wednesday.
Out of its 510 billion rupees divestment target for 2023/24, the government has garnered 42.3 billion rupees through sale of shares in other state-run firms.
In May, the Indian government sold a 3% stake in Coal India . ($1 = 82.0366 Indian rupees) (Reporting by Nikunj Ohri in New Delhi and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Shinjini Ganguli)