Pak tests surface to surface missile

ISLAMABAD: Pakistan on Thursday conducted a successful training launch of a surface to surface cruise missile which can strike targets up to 450km, the third test in three weeks. The Babar missile “is capable of engaging targets at land and sea with high precision”, the army said.

NEW DELHI: State-owned RailTel Corporation of India on Thursday fixed a price band of ₹93-94 a share for its initial share-sale, which will open for public subscription on February 16.

The initial public offer (IPO) is entirely an offer-for-sale through which government will offload 87,153,369 equity shares, amounting to 27.16% stake, the company said in a statement.

At the upper end of the price band, the government would raise a little over ₹819 crore.

The three-day issue would close on February 18 and the anchor investors portion would be open for subscription on February 15.

The 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 network across the country.

Half of the issue is reserved for qualified institutional buyers, 35% for retail investors, 15% for non-institutional bidders.

As on June 30, 2020, its optic fiber network covers over 55,000 kms and 5,677 railway stations across towns and cities in the country.

ICICI Securities, IDBI Capital, SBI Capital Markets are merchant bankers to the issue.

In December 2018, the cabinet had approved the initial public offer of RailTel Corporation by diluting up to 25% government stake.