Company introduction

It is the dedicated market borrowing arm of the Indian Railways, wholly-owned by the Government of India acting through the MoR. They are registered with the Reserve Bank of India under the category of an “Infrastructure Finance Company”.

There primary business is financing the acquisition of rolling stock assets, locomotives, coaches, wagons, trucks, flats, electric multiple units, containers, cranes, trollies of all kinds and other items of rolling stock component, leasing of railway infrastructure assets and national projects of the Government of India (collectively, “Project Assets”) and lending to other entities under the Ministry of Railways, Government of India.

They also extend debt financing to Other PSU Entities consistent with our objective of being the principal

source of finance for the Indian Railways.

Industry overview

The Indian Railways had laid down a capital expenditure plan from Fiscal 2016 to Fiscal 2020 of

₹ 8,560.2 billion From April 1, 2017 to September 30, 2020, they have financed ₹ 1.79 trillion to the Indian Railways in relation to such capital expenditure.

The following are the borrowings of Indian Railways/ RVNL from IRFC.

2018367.22 billion
2019525.35 billion
2020713.92 billion

Promoters of the company

The President of India acting through the Ministry of Railways (MoR) is the promoter of the company.


  • Strategic role in financing growth of Indian Railways
  • Low risk business model
  • Low risk business model

Objects of the Issue

Augmenting their equity capital base to meet the future capital requirements arising out of growth in their business.

Financial strength 

 2020 20192018

Know achievements

IPO dateJan 18 – 20  (2021)
Issue size 4,633.3Cr( 1,782,069,000Eq shares)
Listing price band 25 – 26rs per equity share
Face value10 Rs
1 Lot size575 shares
Retail portion35%
Minimum quote14,950 Rs
Maximum quote1,94,4350 Rs
Listing inBSE,NSE
Offer opens onJan 18, 2021
Offer closes onJan 20, 2021
Credit of shares in demat accountJan 28,2021
Listing dateJan 29, 2021

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