Rail Tel files draft papers for IPO with SEBI

State-run RailTel Corporation has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India for an initial public offer of up to 8.66 crore equity shares.

The IPO will be a complete offer for sale by the Centre. The Book Running Lead Managers (BRLM) for the IPO are ICICI Securities, IDBI Capital Market and Securities and SBI Capital Markets Ltd.

Industry insiders said the company is likely to raise Rs 700 crore through the IPO.As per the prospectus, the company has established a consistent track record of financial performance and growth.