Companies and Privates

18 India's Company types — Directed, Managed, Guaranty and the Great Indian Peninsula Railway — plus Royal Bonds and the six Private Companies with their abilities.

Directed Companies

A Company whose Director’s Certificate (20%, two shares) is in play. The player owning the most of it is the Director and makes all its decisions. It floats as soon as the Director’s Certificate is bought. Money paid for its shares from a hand or the IPO goes into its treasury.

When a Company floats, its home station goes on its home city at once. Bombay Railway (D23) and Tirhoot Railway (M10) choose a free city circle in their home hex.

Managed Companies

A Company running without its Director’s Certificate. It floats once three 10% shares are in play — owned by players, owned by Companies or in the Open Market — and at least one has been owned by a player, who becomes its Manager.

If a Company buys the third share during an Operating Round, the Company floats at once and first operates in the next Operating Round. If its Director’s Certificate later enters play it becomes a Directed Company; on a tie between the buyer and the Manager, the Manager becomes Director and swaps two 10% shares for the certificate.

Guaranty Companies

Three Companies (one per region) get a Guaranty warrant at setup. Until Phase IV, whenever a Guaranty Company pays no dividend, the bank pays every shareholder 5% of its share price (rounded down; shown above the price on the Stock Market), and its price does not drop. It still drops one step if it ends its turn without a train. The warrants expire when Phase IV starts.

The Great Indian Peninsula Railway

• Always in play; 10 shares of 10% and no Director’s Certificate, so it is always Managed.
• Starts operating only in Phase II. Floats with three shares in play.
• When it floats, its Manager puts its home station in any open, unreserved city — or upgrades a Town (no tile or yellow) to a green single-station City tile and starts there.
• When another Company closes, the GIPR replaces that Company’s home station with one of its 3 exchange tokens (and may replace other stations too) if it is operating and has exchange tokens.
• Royal Bond conversions can put up to 200% of the GIPR in play; each converted share pays a full 10% dividend.

Royal Bonds

10 bonds of ₹100, bought from beside the Open Market. Each pays ₹10 income every Operating Round. From Phase IV a bond can be converted into a GIPR share: pay the bank the GIPR price minus ₹100 (nothing if the price is lower; ₹112 counts as the price if the GIPR has not started), turn the bond over — and the bank puts ₹100 into the GIPR treasury. A sold bond goes back to its stack.

Private Companies

Six Private Companies are mixed into the certificate deck. Unlike most 18xx games they are never sold to a Company by a player. A player may use a Private’s special ability once for any Company they direct or manage, during that Company’s Operating Round; a Company that owns a Private may use it on itself. Using it closes the Private and the owner gets its face value back from the bank. Alternatively sell it to the bank at face value in a selling turn, or close it in an Operating Round for face value. Companies may buy Privates from the IPO or the Open Market.