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The government proposes to sell up to 20 per cent equity shares of Indian Railway Catering and Tourism Corporation (IRCTC), a listed public sector enterprise, in an offer for sale. The floor price for the offer is Rs 1,367 per share.
The government at present holds 87.4 per cent stake in the Rs 2,275-crore public sector enterprise that was listed on the bourses last year in one of the most subscribed IPOs.
According to a BSE filing, the Government proposes to sell up to 2.4 crore equity shares of IRCTC (representing 15 per cent of the total shares issued and paid-up equity share capital of the company) on December 10, 2020, to non-retail investors only.
On December 11, 2020, the offer will open for retail investors and non-retail investors who choose to carry forward their un-allotted bids with an option to additionally sell 80 lakh equity shares (representing five per cent of the total shares issued).
IRCTC shares closed at Rs 1,618 on Wednesday, down 1.55 per cent on BSE.
For the quarter-ended September 2020, the company reported a revenue of Rs 88.56 crore with a net profit of Rs 32.64 crore.
The company’s share price has a 52-week high of Rs 1,995 and a low of Rs 775, BSE said.
IRCTC, which was listed last year, was oversubscribed by a whopping 112 times.
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