Govt to sell 5% IRCTC shares in price band of Rs 680-Rs 734
The central government will sell up to a 5% stake in, according to the BSE filing.
In the offer of sale (OFS), Centre said it would offload 4 crore equity shares over two days—December 15 and December 16.
The floor price for the offer shall be Rs 680 per equity share, which is 7.4% lower than IRCTC's closing price of Rs 734.70 on BSE on December 14.
"The offer shall take place on a separate window of the stock exchanges on December 15, 2022 (T day) and December 16, 2022 (T+1 day), from 9:15 am to 3:30 pm (Indian Standard Time) on both days," said the company in the filings.
It also said that the non-retail investors will be allowed to place their bids on December 15, 2022. Retail investors will be allowed to place their bids the next day. Also, non-retail investors who placed their bids on T day and chose to carry forward their unallotted bids to T+1 day shall be allowed to revise their bids as per the OFS guidelines on December 16.
A minimum of 25% of the shares in the OFS will be reserved for mutual funds and insurance companies, while the rest 10% will be kept aside for retail investors.
The OFS is handled by Axis Capital, Citigroup Global Markets, Goldman Sachs, and JM Financials.
Edited by Kanishk Singh