Govt to Offer 40 Lakh Shares to IRCTC Employees: Employee OFS Details

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Govt to Offer 40 Lakh Shares to IRCTC Employees: Employee OFS Details

By Malvika Gurung -- The Government has proposed to offer equity shares of the e-ticket booking platform for Indian Railways, IRCTC (NS: INIR ) to eligible employees of the company as per the employee OFS

In accordance with the approval given by Alternative Mechanism on Dec 14, 2022, IRCTC announced that the President of India, acting through the Ministry of Railways, Government of India has proposed to offer up to 40 lakh equity shares of the company of face value of Rs 2 apiece to eligible employees.

The shares will be issued to such employees for Rs 680 per share. The Employee OFS will remain open from December 23, 2022, to December 26, until 5 pm, IRCTC said in the latest statement to the bourses.

Shares of the PSU stock closed 5.26% lower at Rs 607.25 apiece on Friday.

Earlier this month, the wholly owned subsidiary of Indian Railways, IRCTC announced that the central government was looking to sell up to a 5% stake in it through an offer for sale route, with a floor price fixed at Rs 680/share and expectations of generating around Rs 2,720 crore.

Non-retail investors could place their bids on Dec 15 on a separate window from 9:15 am to 3:30 pm IST, while retail investors were allowed to place their bids on Dec 16.

Read Also: IRCTC Shares Sink 5% As Govt to Sell Upto 5% Stake Via OFS: Figures & Details

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