IRCTC shares tumble 13% as government's stake sale via OFS begins

The promoter proposes to sell up to 24 million equity shares of IRCTC, representing up to 15 per cent stake, with an option to additionally sell 5 per cent of the total equity capital

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) slipped 13 per cent to Rs 1,405 on the BSE on Thursday as the government's proposed stake sale of up to 20 per cent equity shares via an offer for sale (OFS) began today.

The government would divest 15 per cent equity with a 5 per cent green shoe option. The floor price for the offer fixed at Rs 1,367 per share, a 16 per cent discount to Wednesday’s closing price of Rs 1,618 on the BSE. The OFS opened today for non retail investors and will open tomorrow for