IRCTC shares fall 4% as govt may sell some of its stake

IRCTC shares fall 4% as govt may sell some of its stake

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell 4 percent in morning trade on BSE on September 9 amid reports that the government might sell some stake in the company.

As per media reports, the government is planning to sell 15-20 percent of its stake in the company via offer for sale (OFS).

The Department of Disinvestment has invited bids for the appointment of merchant bankers and selling brokers, as per a news report.

Bids will have to be submitted from September 4-10. The bidding process will begin on September 11. A Central Public Sector Enterprise (CPSE), IRCTC is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets, and packaged drinking water at railway stations and trains in India.