Govt booster for strategic disinvestment, no gift tax on transfer of shares in PSUs
The gap between fair market price and actual amount paid (should be less than FMP) was chargeable to the gift tax.
RailTel Corporation of India (RaitTel) made a debut at Rs 109 per share, reflecting a gain of 15.95 per cent as compared to the issue price of Rs 94 per share on NSE on Friday.
At BSE, shares of the company got listed at Rs 104.60, reflecting a gain of 11.27 per cent.
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The company’s market valuation stood at Rs 3,846.45 crore.
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The government-run RailTel Corporation has raised around Rs 819 crore via IPO that witnessed subscriptions 42.4 times between February 16-18.
The qualified institutional buyers (QIBs) category was subscribed 65.14 times, non-institutional investors 73.25 times and retail individual investors (RIIs) 16.78 times.
RailTel is a mini-ratna PSU is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway track.
The company provides broadband telecom and multimedia networks across the country.
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