Govt to get Rs 1,544 cr from IRFC IPO

The government will get Rs 1,544 crore from the initial public offering (IPO) of Indian Railway Finance Corporation.

The Rs 4,633 crore IPO of Indian Railway Finance Corporation (IRFC) was subscribed 3.49 times on the final day of bidding on Wednesday.

''Bidding time for retail investors in IRFC IPO was extended beyond 5 pm to take care of the large number of applications. IRFC IPO had a total size of Rs 4,633 cr of which IRFC would get two thirds of the proceeds and the Government one third (Rs 1,544 cr),'' DIPAM Secretary Tuhin Kanta Pandey tweeted.

The IPO of IRFC closed on Wednesday with an enthusiastic response from investors in all the categories, it said.

''Against an amount of Rs 3,244 cr to be raised (ex-anchor) bids of more than Rs 11,200 cr have been received,'' Pandey tweeted.

So far in current fiscal, the government has mopped up Rs 15,220 crore from disinvestment and share buyback.

The budgeted disinvestment mop up for current fiscal is Rs 2.10 lakh crore. Of this Rs 1.20 lakh crore is to come from minority stake sale in CPSEs and Rs 90,000 crore from stake sale in state-owned financial institutions.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)