The Indian Railway Catering and Tourism Corporation (IRCTC), a subsidiary of the Indian Railways, opened for subscription on Monday, 30 September, and is likely to be the largest of the IPOs issued by the IR subsidiaries at Rs 635-645 crore, according to news agency IANS.
The price band of the IPO has been fixed at Rs 315-Rs 320 per share. The issue comprises an offer for sale of 2,01,60,000 shares of Rs 10 face value.
Of this, 1,60,000 shares are reserved for its employees.
The minimum bid lot is 40 shares. Thus, orders can be placed in the multiple of 40 equity shares.
The issue will open on 30 September and closes on 3 October.
The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder, which is the government, according to PTI.
The total share dilution amounts to 12.60 percent of IRCTC’s paid-up equity share capital.
The book running lead managers to the offer are IDBI Capital Markets & Securities SBI Capital Markets and YES Securities (India).
IRCTC provides catering services to railways, online railway ticketing and packaged drinking water at railway stations and trains in India.
(With inputs from IANS and PTI.)
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