Indian Railways catering services provider, IRCTC shares nosedived on Thursday as the government’s offer for sale begins for non-retail investors. The Centre has announced to offload of a 5% stake through OFS. A total of 4 crore equity shares will be offered for sale to investors. Following this, IRCTC shares tumbled by more than 5%. The stock currently traded near its day’s low.
At around 10.11 am, IRCTC shares performed at ₹700.45 apiece down by ₹34.25 or 4.66%. The stock was near its day’s low of ₹696.70 apiece. Its market valuation is around ₹56,076 crore.
On the previous day, IRCTC shares stood at ₹734.70 apiece on the exchange.
As per the regulatory filing, under the base offer, the government is offering 2 crore equity shares for sale to non-retail investors on December 15 — representing a 2.5% stake in the company. While it will offer additional 2 crore equity shares or 2.5% in IRCTC for sale to retail investors.
Thereby, overall, the Centre will offload a 5% stake or 4 crore equity shares in IRCTC.
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