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IRCTC offer for sale subscribed 198% on day 1

The promoter- Government of India - will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore for the exchequer starved of funds due to the COVID-19 pandemic.

December 10, 2020 / 08:38 PM IST
On day 1 of the offer, non-retail category saw subscription of 4,27,68,445 equity shares against the base offer size of 2,40,00,000

On day 1 of the offer, non-retail category saw subscription of 4,27,68,445 equity shares against the base offer size of 2,40,00,000

 
 
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The offer for sale (OFS) issue of Indian Railway Catering and Tourism Corp (IRCTC) for non-retail investors opened on December 10 and subscribed 198 percent on the first day of bidding.

The issue will remain open for retail investors and non-retail investors who choose to carry forward their bids on the second and last day (December 11).

On day 1 of the offer, non-retail category saw subscription of 4,27,68,445 equity shares against the base offer size of 2,40,00,000.

The government is planning to sell up to 20 percent stake in the company through an OFS, by divesting 15 percent equity with a 5 percent green shoe option.

The promoter proposes to sell up to 2,40,00,000 equity shares of IRCTC, representing up to 15 percent stake, with an option to additionally sell 80,00,000 shares, representing 5 percent of the total issued and paid up equity share capital, the company said in a regulatory filing.

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In all, the promoter- Government of India- will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore for the exchequer starved of funds due to the COVID-19 crisis.

Shares of IRCTC ended at Rs 1,451.95, down Rs 166.10, or 10.27 percent, on the BSE.
Moneycontrol News
first published: Dec 10, 2020 08:38 pm

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