IRFC IPO closes today, was oversubscribed 1.22 times on Tuesday
The IRFC, set up in 1986, is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets.
By hindustantimes.com | Edited by Amit Chaturvedi
PUBLISHED ON JAN 20, 2021 08:07 AM IST
The initial public offering (IPO) of the Indian Railway Finance Corporation (IRFC) will close for subscription today. The three-day initial share-sale started on January 18.
The IRFC IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government.
It was subscribed 1.22 times on the second day of subscription on Tuesday. The offer received bids for 1,52,64,04,775 shares against 1,24,75,05,993 shares on offer, as per the data available with National Stock Exchange (NSE).
The category reserved for non-institutional investors was subscribed 24 per cent and retail individual investors (RIIs) 2.33 times.
The IPO was subscribed 65 per cent on the first day of subscription on Monday. The offer received bids for 80,89,30,700 shares against 1,24,75,05,993 shares on offer, as per NSE data.
The price range for the IPO has been fixed at ₹25-26 per share and it is expected to fetch ₹4,633 crore.
The IRFC, set up in 1986, is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets.
Its primary objective is to meet the predominant portion of 'extra budgetary resources' requirement of the Indian Railways through market borrowing at the most competitive rates and terms.
The Union Cabinet had in April 2017, approved listing of five railway companies. Four of them -- IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp -- have been listed.
On cryptocurrency, Anurag Thakur says ‘innovation welcomed, must evaluate ideas’
By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 09:09 PM IST
Anurag Thakur’s remark comes days after the Reserve bank of India (RBI) governor Shaktikanta Das flagged “major concerns” about the impact of cryptocurrencies on financial stability.
Opted for continuity in deciding tax devolution to states: FC chairman N K Singh
PTI
UPDATED ON MAR 06, 2021 07:39 PM IST
- The 15th Finance Commission has recommended that states be given 41 per cent of the divisible tax pool of the Centre during the period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission.
From ITR to PAN-Aadhaar linking: Tax-related tasks to complete before March 31
By hindustantimes.com | Edited by Mallika Soni
UPDATED ON MAR 06, 2021 04:45 PM IST
- Here’s a list of some of the tasks which need to be performed by taxpayers before March 31
AirAsia CEO says company may launch flying-taxi business in 2022
Bloomberg
PUBLISHED ON MAR 06, 2021 02:55 PM IST
With the airline business taking a hit from the coronavirus pandemic, AirAsia has been expanding in the digital space.
Covid rescue plan clears hurdle as US economy shows gains
Posted by Harshit Sabarwal | AFP
PUBLISHED ON MAR 06, 2021 02:26 PM IST
Negotiations in the evenly divided Senate had frozen the chamber's action for some nine hours before the Democrats reached agreement with moderate Senator Joe Manchin, who had balked at the scale of the benefits.
Muthoot Group chairman MG George passes away: All you need to know
By hindustantimes.com | Written by Deepali Sharma
PUBLISHED ON MAR 06, 2021 11:24 AM IST
Notably, George was one of the six people from the Malayalee background to have entered the Forbes Magazine's Rich list of 2020.
A weak week for gold: Here's how the bullion fared
By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 11:17 AM IST
The continuous fall in the prices of gold allured Indian consumers to purchase more gold in physical form.
Centre, states need to discuss fuel taxes, says Sitharaman
By Gireesh Chandra Prasad, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 02:15 AM IST
- In an interaction with members of the Indian Women’s Press Corps (IWPC), Sitharaman said that consumer sentiment about the tax burden on auto fuel was understandable.
Reliance to bear the cost of covid shots for its staff
By Kalpana Pathak, Hindustan Times, Mumbai
PUBLISHED ON MAR 06, 2021 02:10 AM IST
- Nearly 1.1 million vaccine doses were administered to people above the age of 60 and those in the 45-59 age group till Thursday.
Govt plans to scrap 6,000 compliances
By Asit Ranjan Mishra, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 02:04 AM IST
- Mohapatra said the idea came during Modi’s meeting with Marriott International president and chief executive Arne Sorenson, who complained about the complex regulations in starting and running a hotel in India.
ICICI cuts home loan rates to a decadal low
By Shayan Ghosh, Hindustan Times, Mumbai
PUBLISHED ON MAR 06, 2021 02:00 AM IST
- ICICI Bank’s move comes days after rival lenders such as State Bank of India (SBI), Kotak Mahindra Bank and Housing Development Finance Corp. Ltd cut their home loan rates.
Voting on corp resolutions compulsory for MFs: Sebi
By Neil Borate, Hindustan Times, Mumbai
PUBLISHED ON MAR 06, 2021 01:57 AM IST
- These votes will have to be disclosed to unit holders under existing regulations. Voting will be at the MF level (rather than scheme level).
Toyota SUV sales may skid on gaps in chipset supply
By Malyaban Ghosh, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 01:55 AM IST
- Supply of vehicles from Maruti Suzuki India Ltd—as part of the alliance with Suzuki Motor Corp—has helped Toyota increase its domestic market share in the premium hatchback and entry-level SUV segment, where it was not present before.
Total factories in India grew by 2% in 2018-19
By Abhishek Jha, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 01:51 AM IST
- The top three states by GVA were Maharashtra, Gujarat, and Tamil Nadu. They had a share of 41% in the total GVA. Rural India added nearly as much GVA (49%) as urban India (51%).
How do India’s fuel taxes impact the less affluent?
By Vineet Sachdev, Hindustan Times, New Delhi
UPDATED ON MAR 06, 2021 05:44 AM IST
- Using average consumption shares to calculate the burden of an indirect tax has a problem.