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IRCTC looks to raise Rs 645 cr via IPO, at price band of Rs 315-320 a share

The issue comprises an offer for sale of 2.01 crore shares of the face value of Rs 10

Press Trust of India  |  Mumbai 

Railways has already asked steel ministry and SAIL to shift to higher-grade rail in two years
Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees

Online ticketing, tourism and the catering arm of railways, Indian Railway Catering and Tourism Corporation (IRCTC) on Wednesday said it is looking to raise up to Rs 645 crore through an initial public offering (IPO).

The price band of the is fixed at Rs 315 to Rs 320 per equity share.

The issue comprises an offer for sale of 2.01 crore shares of the face value of Rs 10.

Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.

The issue will open on September 30 and closes on October 3.

"Through the IPO, we are offloading 12.5 per cent stake and it will bring down the government's stake to 87.5 per cent," the company's chairman and managing director, Mahendra Pratap Mall told reporters.

The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder, which is the government.

The book running lead managers to the offer are IDBI Capital Markets & Securities SBI Capital Markets and YES Securities (India).

First Published: Wed, September 25 2019. 21:11 IST