RailTel Corp of India sets price band at Rs 93-94 per share

State-owned RailTel Corp of India has set the price band for its initial public offering at 93-94 rupees a share. The issue will open on Feb 16 and close on Feb 18. The face value of shares is 10 rupees each. The initial public offer is expected to raise about 8.2 bln rupees for the government at the higher price band. Investors can bid for a minimum of 155 equity shares and in multiples of 155 shares thereaf ter. Not more than 50% of the public offer shall be reserved for qualified institutional buyers, while a share of 35% or more has been reserved for the retail portion of the offer for sale.