Government to sell up to 5% stake in railway unit IRCTC

India will sell an up to 5 per cent stake in Indian Railway Catering and Tourism Corp (IRCTC) , the company said in a filing on Wednesday, as the government seeks to meet a steep divestment target for the year.

The government is looking to sell a 2.5 per cent stake in the state-owned firm at Rs 680 per share, with an option to additionally offload 2.5 per cent.

At that price, offloading 5 per cent of IRCTC could fetch around Rs 2,720 crore ($329.90 million), a Reuters estimate showed.

IRCTC is the only firm authorised by the Indian Railways to manage food services on trains and offer online railway ticket booking services.