Centre to offload upto 5% stake in IRCTC, OFS opens on Dec 15

New Delhi: The Centre will offload upto 5 percent stake in state-run Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS), which opens on December 15. The floor price has been fixed at Rs 680 a share, which is a discount of more than 7 percent as compared to IRCTC's closing share price of Rs 733.50. In a regulatory filing to the stock exchanges on Wednesday, IRCTC said that up to 4,00,00,000 equity shares will be offered in the OFS.

"The offer shall take place on a separate window of the stock exchanges on December 15, 2022 (T day) and December 16, 2022 (T+1 day), from 9:15 am to 3:30 pm (Indian Standard Time) on both days," IRCTC said.

The number of shares being offered in the OFS is equivalent to up to 5 percent of the total paid-up equity share capital of the company. Axis Capital, Citigroup Global Markets, Goldman Sachs and JM Financial are brokers for the OFS.

OFS: Non-retail investors to place bids on Dec 15

Only non-retail investors will be allowed to place their bids on T day (December 15). The offer shall take place during trading hours on a separate window of the stock exchanges tomorrow, commencing at 9:15 am and close at 3:30 pm on the same day, said IRCTC.

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"Those non-retail investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day, shall be allowed to carry forward and also revise their bids on T+1 day as per the OFS Guidelines," said the PSU.

For retail investors, the OFS will take place during trading hours on a separate window of the stock exchanges on T+l day, i.e., December 16, 2022 commencing at 9:15 am and end on the same day at 3:30 pm.

0.5% shares to be offered to eligible employees: IRCTC

"Such number of Equity Shares as would be equivalent to up to 0.5 percent of the total paid-up share capital of the Company (over and above the Offer Shares) may be offered to eligible employees of the Company at the CutOff Price in the Offer subsequent to completion of the Offer, in terms of the OFS Guidelines, subject to approval from the competent authorities," said IRCTC.

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