PTI | | Posted by Aryan Prakash
Shares of IRCTC fell greater than 5 per cent in morning commerce on the BSE on Thursday because the sale of the federal government’s as much as 5 per cent stake within the firm kicked off.
The federal government’s offer-for-sale (OFS) of as much as 5 per cent stake in Indian Railway Catering and Tourism Company (IRCTC) at a ground value of ₹680 a share opened for institutional traders on Thursday.
The OFS contains base difficulty measurement of two crore shares or 2.5 per cent stake, with an choice to retain over-subscription of one other 2.5 per cent, taking the overall difficulty measurement to as much as 4 crore shares or 5 per cent stake.
Until 1125 hours, bids for over 8.75 lakh shares got here in, which is about 0.05 instances of the bottom difficulty measurement of two crore shares.
The indicative bid value is ₹683.87 a share, as per NSE information. Shares of IRCTC slid on the bourses on Thursday over Wednesday’s closing value of ₹734.70.
The ground value of ₹680 for OFS is at a reduction of greater than 7 per cent over Wednesday’s closing value. The inventory opened at ₹698 and fell 5.38 per cent to a low of ₹695.20.
The OFS will open for subscription by retail traders on Friday. The federal government at present holds 67.40 per cent stake in IRCTC.
Proceeds from IRCTC OFS will add to the disinvestment kitty of the federal government, which has already raised ₹28,383 crore from CPSE stake sale to this point this fiscal yr towards the total yr price range goal of ₹65,000 crore.