New Delhi, August 20
The authorities is planning to promote a part of its stake in Indian Railway Catering and Tourism Corp (IRCTC) within the present fiscal, and has invited bids from service provider bankers for managing the sale course of. “The GoI intends to disinvest a part of the paid-up equity capital of IRCTC out of its shareholding through ‘Offer for Sale method of shares by promoters through the stock exchanges’ as per SEBI Rules and Regulations,” DIPAM stated whereas inviting Request for Proposal.
Current shareholding 87.40%
- The authorities presently holds 87.40% stake in IRCTC. To meet SEBI’s public holding norm, the federal government has to decrease its stake within the firm to 75%
- IRCTC’s Offer for Sale will assist the federal government inch ahead in assembly the Rs2.10 lakh-crore disinvestment goal
- Of this, Rs1.20 lakh crore will come from disinvestment of public sector undertakings and one other Rs90,000 crore from stake sale in monetary establishments
The service provider bankers must submit their bids by September 10. IRCTC was listed on the inventory exchanges in October 2019. The firm had raised Rs 645 crore via the IPO.
IRCTC OFS will assist the federal government inch ahead in assembly the Rs 2.10 lakh-crore disinvestment goal. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and one other Rs 90,000 crore from stake sale in monetary establishments. — PTI