New Delhi, September 8
The authorities plans to promote about 15-20% stake in IRCTC by way of supply on the market (OFS) and wish to full the transaction in minimal variety of tranches.
Last month, the Department of Investment and Public Asset Management had invited bids from service provider bankers by September 10 for managing the sale in Indian Railway Catering and Tourism Corp (IRCTC).
However, it didn’t disclose the quantum of stake on supply within the Request for Proposal. Following this, a pre-bid assembly was held on September four with potential bidders.
DIPAM has now posted its response to the queries raised by potential bidders on its web site.
To a question on meant stake dilution share, DIPAM stated, “The indicative percentage is 15% to 20%. The exact details will be shared with the selected merchant bankers.”
The authorities at present holds 87.40% stake in IRCTC. To meet Sebi’s public holding norm, it has to decrease its stake within the firm to 75%.
Shares of IRCTC on Tuesday closed 2.57% decrease at Rs 1,378.05 on the BSE. — PTI