RITES signs MoU for Digital services with RailTel

NEW DELHI: RailTel Corporation of India (RailTel) has signed a memorandum of understanding (MoU) with RITES for providing Digital Services to RITES in New Delhi.

The work includes Automatic Train Protection System with Long Term Evolution (LTE) based Mobile Train Radio Communication System (MTRC) together with the provision of Electronic Interlocking (indoor) wherever required.

Earlier, the company had recommended issue of bonus shares to existing shareholders in the ratio of 1:4 (1 bonus share for every 4 shares held) subject to the approval of the shareholders in the upcoming AGM. Record Date for the purpose of determining the eligibility of shareholders for the issuance of fully paid-up bonus shares of face value of Rs. 10 each is August 11, 2019.

RITES is a government of India enterprise which is engaged in consultancy in the fields of transport, infrastructure and related technologies. It also provides a range of services as a one-stop shot solution and believes in the transfer of technology to client organizations.

On Friday, at 12:.45 pm stock traded at per share price of Rs. 296.75, down by 1.33 per cent on BSE.