Shares of RITES are trading lower by 3% in the morning trade on Friday. The President of India, acting through and represented by the Ministry of Railways, Government of India, (Promoter) of RITES proposes to sell up to 2.50cr equity shares, in aggregate representing 10% of the total equity share capital of the company on November 22, 2019 (for non-retail investors only) and on November 25, 2019 (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids), with an option to additionally sell up to 1.25cr equity shares (representing 5% of the total share capital of the company) through offer-for-sale (OFS).
The floor price for the OFS is Rs293.50 per share.
Stock view:
Rites Ltd is currently trading at Rs297.70, down by Rs8.15 or 2.66% from its previous closing of Rs305.85 on the BSE.
The scrip opened at Rs299.75 and has touched a high and low of Rs299.75 and Rs295.35 respectively.
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