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Friday, March 5, 2021

IRCTC OFS to be announced in 2 weeks

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NEW DELHI: The Department of Investment and Public Asset Management (DIPAM) may announce the sale of government’s stake in Indian Railway Catering and Tourism Corporation (IRCTC) via offer for sale in the next two weeks.

“DIPAM to announce IRCTC OFS in 2 weeks,” a government official told ET NOW.

The scrip traded 0.40 per cent down at Rs 1374 at around 12.45 pm (IST), while the benchmark BSE Sensex traded 0.91 per cent higher at 39,049 at around the same time.

Earlier, DIPAM had initiated the process to sell 15-20 per cent stake in IRCTC through OFS in September.

The government had 87.40 per cent stake in IRCTC as of June 30. To meet Sebi’s public holding norms, the government has to lower its stake in the company to 75 per cent.

IRCTC – the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India – got listed on stock exchanges on October 14 last year. The company had raised Rs 645 crore through the IPO.

The OFS would help the government inch forward in meeting the Rs 2.10 lakh crore disinvestment target.

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