(PTI)
Indian Railway Finance Corporation (IRFC) has got markets regulator Sebi’s approval for its initial public offer (IPO). The IPO comprises fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India. The observation letter was issued on February 25, 2020, according to an update on the regulator’s website.
The Securities and Exchange Board of India’s (Sebi) observations are necessary for any company to launch public issue. The net proceeds are proposed to be utilised towards augmenting the company’s equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes, according to draft red herring prospectus (DRHP).
