New Delhi: The Central government is mulling to sell more stake in Indian Railway Catering and Tourism Corporation (IRCTC). The move by the central government aims to collect 2.1 lakh crore rupees from disinvestment in 2020-21 financial year.
According to the reports, the share of Central Government in IRCTC was reduced to 87.40%. The Department of Disinvestment has started appointing selling brokers, bankers to sell stakes in IRCTC. The sale will be done via OFS, pre-bid meeting of OFS has been done. Now, the bidding process will start from September 11.
The sale is only available for the top 200 companies. Minimum 25% of the shares have been reserved for institutional investors such as mutual funds or insurance companies. Earlier in September 2019, via IPO the government reduced its stake in IRCTC by 12.60%. Prior that, the government had a 100 percent stake in IRCTC.