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IRCTC shares fell 5 percent as soon as the market opened, government will sell stake through OFS

IRCTC Stake Sell: Selling was seen in the stock of Indian Railway Catering and Tourism Corporation (IRCTC) on Thursday, 15 December. As soon as the market opened, the shares of IRCTC fell 5.25 percent and were trading at Rs 696 per share. On the other hand, IRCTC shares closed at Rs 735 on Wednesday. This big sale in IRCTC shares has happened at a time when the government is ready to sell its stake.

Actually, the government wants to sell 5 percent stake in IRCTC through Offer for Sale (OFS). Its deal is to be held today i.e. December 15, which will be sold with a discount of 7%. IRCTC shares will be sold at a minimum price of Rs 680 per share. The base size of OFS is equal to 2 crore shares or 2.5 per cent stake. This can be further increased to 4 crore shares or 4 to 5 per cent stake.

Shares fell sharply as soon as the market opened

After the stock market opened, IRCTC shares reached the lowest level since August 29. At 9.45 am, the shares were trading at 700.95 per cent, down 4.62 per cent. After this, a decline of 5.25 per cent was recorded, after which the shares reached Rs 696 per share. Its shares have registered a decline of 5.27 per cent till 11.23 pm, after which its shares were trading at 696.15.

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Expected to get Rs 2,720 crore

The government can get Rs 2,720 crore by selling IRCTC shares. IRCTC shares will be sold for at least Rs 680. On December 15, non-retail investors will be given the opportunity to buy shares. At the same time, retail investors can invest through OFS on 16 December. The brokerages on the seller side of the OFS are Axis Capital, Citigroup Global Markets, Goldman Sachs and JM Financial.

IRCTC had 42 percent more profit

At the end of the second quarter of the current financial year, IRCTC had registered a huge profit. IRCTC’s profit increased by 42 to Rs 226 crore. At the same time, the revenue has increased by 99 percent to Rs 806 crore in September. Last year, the company’s revenue was Rs 406 crore in the same quarter. Total income in Q2FY23 has increased by 105% to Rs 832 crore, which was Rs 405 crore last year.

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