Business Desk, Amar Ujala, New Delhi
Updated Sat, 12 Dec 2020 12:30 PM IST
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Central government will sell 20 percent stake
As part of the sales offer, the promoter government of the company offered to sell a 20 per cent stake overall. The minimum share price for this was kept at Rs 1,367 per share. The Department of Investment and Public Property (Deepam) Secretary Tuheen Kant Pandey said in a tweet that, ‘IRCTC’s OFS closed showing strong participation with 109.84 per cent subscription from retail investors. We thank all the investors for making this deal a success and a better partnership. ‘
Government holds 87.40 percent stake in IRCTC
He said that with the completion of this sale offer, IRCTC has become a company complying with the minimum public shareholding (MPS) rule of SEBI. The government holds an 87.40 per cent stake in IRCTC. Under Sebi’s MPS rule, it was to reduce its stake to 75%.
IRCTC said in a regulatory filing that, the government is proposing to sell 2,40,00,000 equity shares of the company, equivalent to a 15 per cent stake. With this there is an option to sell 80,00,000 additional shares, which is five per cent of the total equity share capital.
This is the goal of the government
Explain that due to Kovid-19, there is a lot of pressure on the treasury of the government. The government has set a target of raising Rs 2.10 lakh crore from disinvestment during the current financial year. Of this, 1.20 lakh crore rupees are to come from disinvestment of public sector undertakings, while 90 thousand crore rupees will be received from selling stake in financial institutions.