NEW DELHI: The offer-for-sale for the Indian Railway Catering and Tourism Corp (IRCTC) bought a great response from non-retail traders as the problem was subscribed practically two occasions on day one.
Retail traders will get likelihood to bid for IRCTC offer-for-sale (OFS) on Friday, the final day for the problem, division of funding and public asset administration (DIPAM) secretary Tuhin Kanta Pandey mentioned.
The federal government is planning to promote as much as 20 per cent stake in IRCTC by way of OFS which opened for subscription on Thursday.
“Supply on the market of presidency shares in IRCTC bought nice response on day one. Difficulty subscribed 1.98 occasions of base dimension at a clearing worth above the ground worth by non-retail traders. Govt has determined to train the inexperienced shoe possibility. Retail traders get likelihood to bid tomorrow,” mentioned Pandey mentioned in a tweet.
The promoter proposes to promote as much as 2,40,00,000 fairness shares of IRCTC, representing as much as 15 per cent stake, with an choice to moreover promote 80,00,000 shares, representing 5 per cent of the overall issued and paid up fairness share capital, the corporate had mentioned in a regulatory submitting.
The ground worth for the supply shall be Rs 1,367, it had mentioned.
In all, the promoter, Authorities of India will promote 3.2 crore shares, which is predicted to garner Rs 4,374 crore for the exchequer starved of funds as a result of Covid-19 disaster.
Shares of IRCTC on Thursday closed at Rs 1451.95 apiece on the BSE, down 10.27 per cent from its earlier shut.
IRCTC OFS will assist the federal government inch nearer in assembly the Rs 2.10 lakh crore disinvestment goal. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and one other Rs 90,000 crore from stake sale in monetary establishments.
The federal government holds 87.40 per cent stake in IRCTC. To fulfill Sebi’s public holding norm, the federal government has to decrease its stake within the firm to 75 per cent.
IRCTC, the one entity authorised by Indian Railways to offer catering providers, on-line railway tickets and packaged consuming water at railway stations and trains in India, was listed on the inventory exchanges in October 2019. The corporate had raised Rs 645 crore by way of IPO.
The Union Cupboard had in April 2017 authorised itemizing of 5 railway corporations. Whereas 4 of them — IRCON Worldwide, RITES Ltd, Rail Vikas Nigam Ltd and IRTC — have already been listed, IRFC is more likely to be placed on the block this fiscal.
Retail traders will get likelihood to bid for IRCTC offer-for-sale (OFS) on Friday, the final day for the problem, division of funding and public asset administration (DIPAM) secretary Tuhin Kanta Pandey mentioned.
The federal government is planning to promote as much as 20 per cent stake in IRCTC by way of OFS which opened for subscription on Thursday.
“Supply on the market of presidency shares in IRCTC bought nice response on day one. Difficulty subscribed 1.98 occasions of base dimension at a clearing worth above the ground worth by non-retail traders. Govt has determined to train the inexperienced shoe possibility. Retail traders get likelihood to bid tomorrow,” mentioned Pandey mentioned in a tweet.
The promoter proposes to promote as much as 2,40,00,000 fairness shares of IRCTC, representing as much as 15 per cent stake, with an choice to moreover promote 80,00,000 shares, representing 5 per cent of the overall issued and paid up fairness share capital, the corporate had mentioned in a regulatory submitting.
The ground worth for the supply shall be Rs 1,367, it had mentioned.
In all, the promoter, Authorities of India will promote 3.2 crore shares, which is predicted to garner Rs 4,374 crore for the exchequer starved of funds as a result of Covid-19 disaster.
Shares of IRCTC on Thursday closed at Rs 1451.95 apiece on the BSE, down 10.27 per cent from its earlier shut.
IRCTC OFS will assist the federal government inch nearer in assembly the Rs 2.10 lakh crore disinvestment goal. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and one other Rs 90,000 crore from stake sale in monetary establishments.
The federal government holds 87.40 per cent stake in IRCTC. To fulfill Sebi’s public holding norm, the federal government has to decrease its stake within the firm to 75 per cent.
IRCTC, the one entity authorised by Indian Railways to offer catering providers, on-line railway tickets and packaged consuming water at railway stations and trains in India, was listed on the inventory exchanges in October 2019. The corporate had raised Rs 645 crore by way of IPO.
The Union Cupboard had in April 2017 authorised itemizing of 5 railway corporations. Whereas 4 of them — IRCON Worldwide, RITES Ltd, Rail Vikas Nigam Ltd and IRTC — have already been listed, IRFC is more likely to be placed on the block this fiscal.