New Delhi: The Modi government of the Centre is gearing up to sell up to 15% stake in Rail Vikas Nigam Limited (RVNL). The government has invited applications from the merchant banker to orderly complete this share sale offer. The Department of Investment and Public Property Management (DEEPAM) has invited applications in this regard by issuing notifications.

According to the notification issued, "The government intends to disinvest 15% of its 87.84% shareholding in RVNL's paid-up capital shares. This sale of shares will be done through sale offer in stock markets. The government is going to appoint three merchant bankers to manage it. The merchant banker will have to bear the responsibility of advising the Government at the moment and prescribing procedures for the sale offer so that the government gets the best returns.

The merchant banker will have to have roadshows, market surveys and meetings with investors domestically and internationally. RVNL shares on the Bombay Stock Exchange (BSE) closed at Rs 18.80, up 0.53% on Friday. The 15% stake sale at current rate will bring Rs 580 crore to the exchequer.

Also Read-

SBI's special card in festival season, customers will get this facility

Moratorium Interest Waiver, FM issues guidelines

Petrol-diesel prices remain unchanged even today, Know today's rate