Following the share sale, the federal government’s stake in IRCTC will scale back to 67.4 per cent.
The federal government succeeded in divesting 20 per cent stake within the railway ticketing agency, Indian Railway Catering and Tourism Company (IRCTC) within the not too long ago concluded supply on the market (OFS). The retail traders lapped up all of the shares up on the market and the institutional investor portion was subscribed 1.34 instances. Following the share sale, the federal government’s stake in IRCTC will scale back to 67.4 per cent.
The Centre had set flooring value for the OFS, which was held on Thursday and Friday, at Rs 1,367. However most bids got here round Rs 1,378, as per information supplied by the inventory exchanges.
Previous to the supply on the market, the federal government held 87.4 per cent stake within the Rs 2,275-crore public sector railway enterprise.
IRCTC supplies catering companies, on-line railway tickets and packaged consuming water at railway stations and trains throughout India.
IRCTC was listed on the inventory exchanges in October 2019. The corporate had raised Rs 645 crore by means of an preliminary public providing (IPO). Three different railway firms, i.e. IRCON Worldwide, RITES and Rail Vikas Nigam are additionally listed on the bourses, whereas IRFC is more likely to be placed on the block quickly.