New Delhi, February 24 The government will divest up to 4% stake in state-owned Indian Railway Finance Corporation Ltd (IRFC) through an Offer for Sale (OFS) starting on Wednesday.
The government has fixed the floor price of Rs 104.00 per equity share for the OFS, IRFC said in a regulatory filing.
At Rs 104 per unit, the government would be able to raise about Rs 5,430 crore by offloading up to 4% stake in the company under the Ministry of Railways.
"Offer for Sale for Indian Railway Finance Corporation (IRFC) opens tomorrow for Non-Retail investors. Retail investors can bid on Thursday. The government is offering to divest 2% equity in IRFC with an additional 2% as a green shoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said in a post on X.
IRFC shares closed at Rs 109.40 per unit, down 2.19% on the BSE.
The government proposes to sell up to 26.13 crore (26,13,70,120) shares, or 2% of the base offer size, with the option to additionally sell 26.13 crore shares, representing another 2% of the company's total issued and paid-up equity share capital.
The government currently holds an 86.36% stake in the company.
After the share sale, the government's stake will reduce to 82.36%.
