“The company has secured an export contract for broad gauge passenger air-conditioned and non air-conditioned coaches for a total value of USD 82.63 million (approx. Rs 5,670 million),” RITES said on Saturday.
These coaches are to be exported within 27 months of the opening of Letter of Credit. Company is confident of completing the export within the prescribed timeline. These coaches will be manufactured at production unit of lndian Railways, and the Company has nominated the agency for such exports, it added.
RITES had raised Rs 4,660 million through initial public offering (IPO) by issuing shares at a price of Rs 185 per share. The issue got a huge response from all kind of investors, which was subscribed more than 67 times. The category set aside for qualified institutional buyers (QIBs) was subscribed 71.72 times, non-institutional investors 194.56 times and retail investors 15.74 times.
At 11:21 am; RITES was trading 4% higher at Rs 275 on the BSE, as compared to a 0.09% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 5.91 million equity shares changed hands on the BSE and NSE so far.