IRCTC Shares Drop as Centre Succeeds in Sale of 20 Percent Stake
The floor price of the offer has been fixed at Rs 1,367 per equity share. However, most bids came around Rs 1,378.
The Union government on Sunday, 13 December, successful divested 20 percent stake in the Indian Railway Catering and Tourism Corporation (IRCTC) ticketing firm.
Shares of IRCTC plunged over 8 percent on 9 December after the company announced the sale. IRCTC shares on the BSE were trading at Rs 1,481.50 at midday, lower by Rs 136.55 or 8.44 percent from its previous close.
The IRCTC share sale took place on a separate window of the stock exchanges on 10-11 December. Only retail investors were allowed to place their bids on 11 December.
The Union government had proposed to sell up to 2.40 crore shares or 15 percent of the paid-up equity share capital of IRCRTC through the offer of sale route.
In addition to the 15 percent, an additional share sale of up 80 lakh equity shares of 5 percent of the paid-up equity share capital, in case of oversubscription.
The floor price of the offer has been fixed at Rs 1,367 per equity share. However, most bids came around Rs 1,378 as per data provided by stock exchanges.
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