Irctc Share Price :
The share price dropped as much as 5.56% to Rs 694.05 a unit on the National Stock Exchange (NSE) in the late morning deals, while it dropped as much as 5.49% to Rs 694.40 on the BSE.
After the government announced a stake sale of up to 5% through an offer-for-sale (OFS) at a floor price of Rs 680 per share, the shares of Indian Railway Catering and Tourism Corporation (IRCTC) dropped by more than 5% during Thursday's late morning dealings.
In late morning trades, the stock dropped as much as 5.56% to Rs 694.05 a share on the National Stock Exchange (NSE), while it dropped as much as 5.49% to Rs 694.40 on the BSE.
The Indian Railways' ticketing and catering division said that the government would sell up to 5% of the business. The government's divestment goal for this fiscal year includes the share sale.
In contrast to the full-year budget objective of Rs 65,000 crore, the government has so far this fiscal generated Rs 28,383 crore through the equity sale of central public sector businesses.
According to an exchange filing by IRCTC, the government intends to sell a 2.5 percent stake in the state-owned company for Rs 680 a share, with the option of selling an additional 2.5 percent.
The selling of 4 billion shares of IRCTC at the floor price of Rs 680 each will bring in roughly Rs 2,700 crore for the government coffers. The floor price represents a 7.47 percent discount from the IRCTC stock's NSE closing price of Rs. 734.90 on Wednesday.