The state-run PSU under the Ministry of Railways, Rail Vikas Nigam Limited (RVNL) has approved the interim dividend for the current financial year on Friday. In the regulatory filings to the stock exchanges the PSU said that the board of directors in its meeting held on March 26, have approved an interim dividend of Rs 1.14/- per equity share of Rs 10/- each (i.e. 11.40 percent) for the current financial year (FY 2020-21).

"The record date i.e. Friday, April 9, 2021, for determining the eligibility of, shareholders for payment of Interim Dividend has been fixed for the said purpose. The Interim dividend payment will be completed on or before 24.04.2021," the company further added.

The company is in a process of offloading up to a 15 percent stake and for this purpose, the Offer for Sale (OFS) was opened on March 24. In an earlier tweet, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had said, “Offer for Sale in RVNL opens tomorrow for Non Retail investors. Retail investors can bid on Thursday. Govt. would divest 10% equity with a 5% Green Shoe option.” Currently, the government holds currently 87.84 percent of the equity.

Rail Vikas Nigam Limited (RVNL) is a government organisation associated with Indian Railways. RVNL’s task is to build engineering works required by Indian Railways. Indian Railway network particularly High-Density Network, which connects the four Metro Cities of Delhi, Kolkata, Chennai and Mumbai including the diagonals, is oversaturated.