The government will sell up to 5% stake in the Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS) on the exchanges on Thursday and Friday.
Up to 4,00,00,000 shares will be offered in the OFS, and the floor price for the same has been fixed at Rs 680 a share. This is at an over 7% discount to Wednesday’s closing price of Rs 734.90.
The number of shares being offered in the OFS is equivalent to up to 5% of the total paid-up equity share capital of the company.
The OFS will open for non-retail investors on Thursday, while retail investors can bid for shares on Friday, the government said in a release.
A minimum of 25% of the shares in OFS will be reserved for mutual funds and insurance companies, while 10% will be kept aside for retail investors.
, Citigroup Global Markets, Goldman Sachs and
are handling the OFS. It is part of the government’s disinvestment target. The Centre aims to raise Rs 65,000 crore through divestment in 2022-23 (April-March).
Source: Economic Times