New Delhi, February 25 The government's offer to sell 2% of its stake in Indian Railway Finance Corporation Ltd (IRFC) failed to attract full subscription from institutional investors on Wednesday.
Institutional investors placed bids for over 22.34 crore shares of IRFC, which represents 94.98% of the over 23.52 crore shares reserved for them in the offer for sale (OFS).
At an indicative price of Rs 104.12 per share, institutional investors submitted bids worth approximately Rs 2,326 crore.
Retail investors will participate in the share sale on Thursday.
The government has proposed to sell over 26.13 crore shares, or a 2% 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 enterprise.
IRFC shares closed at Rs 104.55, down 4.43% from the previous close on the BSE. The scrip touched a 52-week low of Rs 104.40 during the day.
