(FPJ)
Shares of IRCTC fell more than 5 per cent in morning trade on the BSE on Thursday as the sale of the government’s up to 5 per cent stake in the company kicked off. The government’s offer-for-sale (OFS) of up to 5 per cent stake in Indian Railway Catering and Tourism Corporation (IRCTC) at a floor price of ₹ 680 a share opened for institutional investors on Thursday.
The OFS includes base issue size of 2 crore shares or 2.5 per cent stake, with an option to retain over-subscription of another 2.5 per cent, taking the total issue size to up to 4 crore shares or 5 per cent stake.
Till 11: 25 hours, bids for over 8.75 lakh shares came in, which is about 0.05 times of the base issue size of 2 crore shares. The indicative bid price is ₹ 683.87 a share, as per NSE data. Shares of IRCTC slid on the bourses on Thursday over Wednesday’s closing price of ₹ 734.70. The floor price of ₹ 680 for OFS is at a discount of more than 7 per cent over Wednesday’s closing price. The stock opened at ₹ 698 and fell 5.38 per cent to a low of ₹ 695.20.
