Hamara Today
Hindi & Punjabi Newspaper

IRCTC OFS off to a rocking start, gets subscribed nearly 2 times on day 1

0

IRCTC OFS: The offer-for-sale for the Indian Railway Catering and Tourism Corp (IRCTC) got a good response from non-retail investors as the issue was subscribed nearly two times on day one.

IRCTC OFS: Indian Railway Catering and Tourism Corp (IRCTC) is proving to be as popular as Indian Railways trains. The number of takers for this OFS has been huge as is clear from its performance on day 1 itself. The IRCTC offer-for-sale got a good response from non-retail investors. Retail investors will get chance to bid for IRCTC offer-for-sale (OFS) on Friday, the last day for the issue, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said.  

The government holds 87.40 per cent stake in IRCTC. To meet Sebi’s public holding norm, the government has to lower its stake in the company to 75 per cent.

Here are the salient points:

1. IRCTC offer was subscribed nearly two times on day one.

2. Up to 20 per cent govt stake to be sold in IRCTC through OFS which opened for subscription on Thursday.

3. IRCTC issue subscribed 1.98 times of base size at a clearing price above the floor price by non-retail investors.

3. Govt has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow.

4. Promoter proposes to sell up to 2,40,00,000 equity shares of IRCTC, representing up to 15 per cent stake, with an option to additionally sell 80,00,000 shares, representing 5 per cent of the total issued and paid up equity share capital.

5. The floor price for the IRCTC offer shall be Rs 1,367, it had said.

6. Government will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore

7. IRCTC OFS will help the government inch closer in meeting the Rs 2.10 lakh crore disinvestment target. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sale in financial institutions.

8. The Union Cabinet had in April 2017 approved listing of five railway companies.

9. IRCON International, RITES Ltd, Rail Vikas Nigam Ltd and IRTC — have already been listed, IRFC is likely to be put on the block this fiscal.

10. IRCTC was listed on the stock exchanges in October 2019. The company had raised Rs 645 crore through IPO.

IRCTC is the only entity authorised by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India. IRCTC share price today closed at Rs 1451.95 apiece on the BSE.
WIth PTI Inputs

Hamara Today न्यूज और लाइव न्यूज अपडेट के लिए हमें फेसबुक पर लाइक करें या ट्विटर पर फॉलो करें.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More