The government will sell up to 2.5 percent stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS) on December 15 and 16. The floor price for the OFS is set at Rs 680 per share.
The floor price is 7.4% lower than IRCTC's closing price of Rs 734.70 on the BSE on December 14.
The issue will have the option to sell two crore additional shares, constituting 2.5% paid-up share capital of the company in case of oversubscription.
The promoter proposes to sell up to 2,00,00,000 equity shares of IRCTC, representing 2.5% of the total issued and paid up equity share capital, with an option to additionally sell 2,00,00,000 shares, representing 2.5% of the total issued and paid up equity share capital, the company said in a regulatory filing.
Non-Retail investors can subscribe on December 15 while Retail Investors who choose to carry forward their unallotted bids can subscribe on December 16. The non-retail investors who have placed their bids on T day can carry forward their unallotted bids to T+1 day.
"..... December 15, 2022, ("T day") (for non-Retail Investors only) and on December 16, 2022 ("T+1 day") (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids)," IRCTC's statement said.
The brokers for the OFS on behalf of the Seller are Axis Capital, Citigroup Global Markets, Goldman Sachs and JM Financial.
IRCTC had a stellar debut on October 14, 2019 as it listed at Rs 644 on the BSE, a 101.25 percent premium over its issue price of Rs 320 per share. On the National Stock Exchange, the stock listed at Rs 626, up 95.6 percent over the issue price.
At closing hours on December 14, IRCTC was quoting at Rs 734.70, up 11.10, or 1.53 percent on the BSE.
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