State Bank of India, IDBI , ICICI Bid for RailTel IPO

New Delhi: Investment bankers State Bank of India Capital Markets, IDBI Capital Markets, ICICI Securities, ITI Capital and Yes Securities have been shortlisted to be considered for appointment as merchant bankers for the proposed IPO for RailTel and their financial bids will be opened on July 3 for final selection.

These financial markets firms will be making presentations for book running lead managers (BRLMs) for the RailTel IPO before the IMG or inter-ministerial group on July 3.

As legal advisors, DSK Legal, Khaitan & Co and Crawford Bayley have been shortlisted for the presentations and they will also make financial bids on July 3 for the final selection. The government is looking to divest up to 25 per cent stake in RailTel Corporation. The merchant bankers will manage the entire listing process, according to a DIPAM notice. The government will appoint up to three merchant bankers to manage the listing process and had invited bids from them by June 11. The paid up share capital of the Railway PSU stands at Rs 320.93 crore and profit after tax for 2017-18 was Rs 156 crore. As on March 31, 2018, RailTel’s net worth stood at Rs 1,249 crore. (IANS)

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