Govt plans stake sale in IRCTC, invites bids for managing sale by Sep 10

Govt holds 87.40 per cent stake in IRCTC and has to lower its stake to 75 per cent, according to regulator guidelines

The government plans to sell part of its stake in Indian Railway Catering and Tourism Corp (IRCTC) in the current fiscal, and has invited bids from merchant bankers for managing the sale process.

"The GoI intends to disinvest a part of the paid up equity capital of IRCTC out of its shareholding through 'Offer for Sale (OFS) method of shares by promoters through the stock exchanges' as per Securities and Exchange Board of India (Sebi) Rules and Regulations,"  said the Department of Investment and Public Asset Management (DIPAM) while inviting Request for Proposal (RFP).

The merchant bankers will have to