IRCTC OFS opens for subscription on 10 December 2020. The government aims for raising ₹ 4,374 crores through this OFS by selling a 20% stake. the floor price is fixed as ₹ 1367. As of 30 September 2020, the government of India held an 87.4% stake in IRCTC. the government revealed its plan to offload its stake in the company In August 2020. the government has to lower its stake in the company to 75% for meeting SEBI’s public holding norms.
Through this OFS, the government has proposed to sell 2.4 crore shares, constituting 15% paid-up share capital of the company, with an option to sell an additional 80 lakh shares or 5% stake in case of demand. Non-retail investors can put their bids on 10/12/2020 and Retail investors can subscribe on 11/12/2020.
IRCTC OFS Details
| Symbol | IRCTC |
| Series – Non Retail | IS |
| Series – Retail | RS |
| Number of shares being offered for sale | Upto 2,40,00,000 equity shares of Rs 10/- each. (Base Offer Size) and Upto 80,00,000 equity shares (Oversubscription option) |
| Maximum Bid Quantity | Upto 2,40,00,000 equity shares of Rs 10/- each. (Base Offer Size) and Upto 80,00,000 equity shares (Oversubscription option) |
| Allocation Methodology | Price priority basis |
| Name of the Seller (s) | The President of India, acting through and represented by Ministry of Railways, Government of India |
| Name of the broker (s) on behalf the seller | Axis Capital Limited, ICICI Securities Limited, IIFL Securities Limited, HSBC Securities and Capital Markets (I) Pvt. Ltd. |
| Face Value | ₹10 |
| ISIN | INE335Y01012 |
| Floor Price | ₹1367 |
| Date of offer | 10-Dec-2020 and 11-Dec-2020 |
| Market Lot | 1 Equity Share |
| Tick Size | ₹0.05 |
| Exchange | BSE & NSE |
| Non Retail Category – Bidding details (IS Series) | |
| Bidding session Date (For IS series) | 10-Dec-2020 |
| Bidding session Time | 09:15 AM to 3:30 PM |
| Series | IS (Non retail category) |
| Date to indicate carry forward of unallocated Bids in Non-retail category | 11-Dec-2020 |
| Carry Forward Timings | 09:15 AM to 3:30 PM |
| Retail category Bidding details (RS Series) | |
| Bidding session Date (For RS series) | 11-Dec-2020 |
| Bidding session Time | 09:15 AM to 3:30 PM |
| Series | RS (Retail category) |
| Reservation portion for Retail | 10% of offer size (As per SEBI OFS Guidelines, Retail bids below the cut-off price shall not be eligible for allocation) |
Final Thoughts
IRCTC OFS opens for subscription on 10 December 2020. Non-retail investors can put their bids on 10/12/2020 and Retail investors can subscribe on 11/12/2020. Subscribing for the IRCTC OFS is purely your personal choice. make a detailed study and make an investment according to your analysis.
Happy Investing