The sale of the government’s 5 per cent stake in Indian Railway Catering and Tourism Corporation Ltd (IRCTC) got over-subscribed on the first day of the offer with institutional investors putting in bids worth Rs 3,775 crore. In the two-day offer-for-sale (OFS), the Centre is selling four crore shares or 5 per cent stake in IRCTC at a floor price of Rs 680 apiece.
The OFS consists of base issue size of 2 crore shares or 2.5 per cent stake, with an option to retain over-subscription of a similar amount. The state-owned firm said in a regulatory filing on Thursday that the Centre has decided to exercise the greenshoe option following which the total offer size will be four crore shares.
As much as 10 per cent of the issue is reserved for retail investors, who will bid on Friday.
