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RITES share price falls over 3% as govt to sell 15% stake via OFS

RITES shares opened lower Friday and later declined 3.43% to touch an intraday low of Rs 295.35 on the Bombay Stock Exchange, against the last closing price of 305.85

twitter-logo BusinessToday.In        Last Updated: November 22, 2019  | 12:03 IST
RITES share price falls over 3% as govt to sell 15% stake via OFS
Only non-retail investors can apply for bids on November 22 and retail investors and for non-retail investors forward their bids can apply on November 25

RITES share price fell in early trade today after the company announced in its regulatory filing that government is going to sell up to 15% stake (3.75 crore shares) in the company via Offer For Sale (OFS) mechanism on BSE and NSE.

RITES shares opened lower Friday and later declined 3.43% to touch an intraday low of Rs 295.35 on the Bombay Stock Exchange, against the last closing price of 305.85.

As per market depth data on BSE, there are 61% buyers bidding against 39% sellers offering the stock. RITES share price currently trades higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages. Volume-wise, 0.21 lakh shares and 5.43 lakhs shares changed hands on BSE and NSE, respectively.

According to the filing submitted yesterday post-market hours, the government will sell 2.5 crore shares, representing 10% equity, on November 22. In the event of oversubscription, the government has given an option to additionally sell 1.25 crore equity shares, representing another 5% stake on November 25. The floor price for the OFS is decided at Rs 293.5 per share, with a base size of Rs 733.50 crore.

Only non-retail investors can apply for bids on November 22 and retail investors and for non-retail investors forward their bids can apply on November 25, the filing added.

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