State-owned telecom infrastructure provider RailTel has filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an initial public offer of up to 8.66 crore equity shares. Railtel is gearing to play an important role in "Digital India" plan.
RailTel provides telecom network and infrastructure services, manages data center and hosting services and offers system integration services to government and non-government customers, and aims to modernise the existing telecom system for train control, operations and safety besides creating a nationwide broadband and multimedia network by laying optical fibre cable along the railway tracks.
It serves as the backbone for the network for the Indian Railways and has been executing projects of national importance such as National Knowledge Network and Bharat Net, with its optic fibre network covers over 55,000 km and 5,677 railway stations across towns and cities in the country.
The Rs 700 crore public offer will be a complete offer for sale (OFS) from the government. ICICI Securities, IDBI Capital, SBI Capital Markets are appointed as the book running lead managers to the issue.
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