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RITES sinks over 5% as government’s stake sale opens via OFS

RITES Ltd shares fell 5.2% to Rs 301.65 each on BSE on Thursday. The government's participation began with an offer to sell (OFS) which will garner Rs 3.72 billion. The floor price for the sale of units was set at Rs 298 per share. The government has offered to sell up to 12.5 million shares in two days on February 27 and 28. However, the company has retained the option to sell an additional 12.5 million shares if the issue is oversubscribed.

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