Indian Railway Catering and Tourism Corporation (IRCTC), a subsidiary of the Indian Railways, on Wednesday said it is looking to raise up to Rs 645 crore through an Initial Public Offering (IPO).
- The price band of the IPO is fixed at Rs 315 to Rs 320 per equity share.
- The issue comprises an offer for sale of 2.01 crore shares of the face value of Rs 10.
- Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.
- The issue will open on September 30 and closes on October 3.
- IRCTC chairman and managing director, Mahendra Pratap Mall said,”Through the IPO, we are offloading 12.5 percent stake and it will bring down the government’s stake to 87.5 percent.”
- The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder, which is the government.
- The book running lead managers to the offer are IDBI Capital Markets & Securities SBI Capital Markets and YES Securities (India).