New Delhi, February 25 The government's offer to sell 2% of its stake in Indian Railway Finance Corporation Ltd (IRFC) received a lukewarm response from institutional investors on Wednesday, as the issue failed to achieve full subscription.
As of 3:30 PM, institutional investors placed bids for over 22.34 crore shares of IRFC, which represents 94.98% of the over 23.52 crore shares available for the offer for sale (OFS).
At an indicative price of Rs 104.12 per share, institutional investors placed bids worth approximately Rs 2,326 crore.
Retail investors will participate in the share sale on Thursday.
IRFC shares closed at Rs 104.55, down 4.43% from the previous close on the BSE.
The government has proposed to sell over 26.13 crore shares, or 2%, of its stake in IRFC through a two-day OFS, with an option to sell an additional equal number of shares. The floor price has been set at Rs 104 per share.
The government currently holds an 86.36% stake in the railway sector PSU.
