Centre to sell up to 5% stake in IRCTC via OFS to garner Rs 2,720 crore
The central government will sell up to 5 per cent stake in the Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS) on the exchanges on Thursday and Friday.
The floor price for the share sale is set at Rs 680 per share, which is 7.4 per cent lower than the company’s closing price of Rs 734 on Wednesday.
IRCTC is the tourism and catering arm of the Indian Railways. At present, the government owns 67.4 per cent stake in IRCTC.
The stake sale will mop up close to Rs 2,720 crore, offering the government some cushioning as it chases to meet its disinvestment target of Rs 65,000 crore for the current fiscal year (2022-23, or FY23) ending March.
