NEW DELHI: Shares of IRCTC NSE -0.02 % were under selling pressure on Wednesday after reports that the government plans to sell another 15-20 per cent stake in the company via offer for sale (OFS) and would like to complete the transaction in minimum number of tranches.
Shares of the railway ticketmaster were down 3 per cent to Rs 1,336.70 on BSE.
Last month, the Department of Investment and Public Asset Management (DIPAM) had invited bids from merchant bankers by September 10 for managing the sale in IRCTC.
However, it did not disclose the quantum of stake on offer in the Request for Proposal (RFP).
Following this, a pre-bid meeting was held on September 4 with potential bidders.
DIPAM has now posted its response to the queries raised by potential bidders on its website.
To a query on intended stake dilution percentage, DIPAM said, “The indicative percentage is 15 per cent to 20 per cent. The exact details will be shared with the selected merchant bankers.”
The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi’s public holding norm, it has to lower its stake in the company to 75 per cent.
Source: https://economictimes.indiatimes.com/markets/stocks/news/irctc-slips-3-after-reports-govt-plans-to-15-20-sell-stake/articleshow/78012644.cms