Govt planning to sell IRFC shares via OFS: official
The Hindu
Govt plans to sell part of its stake in IRFC via OFS to meet Sebi's MPS norm. IMG has started consultations to decide on quantum of dilution. Sale of 11.36% stake would fetch govt ₹7,600 crore. IRFC reported net profit of ₹1,557 crore in Q1 FY21-22, down 6% from last year. Share price hit lifetime high of ₹52.70, up 38% this month.
The government is planning to sell a part of its holding in State-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current fiscal, an official said on Wednesday.
The government currently holds an 86.36% stake in the financing arm of the Indian Railways.
The official said that an inter-ministerial group (IMG) comprising senior officers from the Department of Investment and Public Asset Management (DIPAM) and the Railways Ministry has started consultations to decide on the quantum of stake dilution.
To make the central public sector enterprise compliant to Sebi's minimum public shareholding (MPS) norm, the government has to dilute 11.36 per cent stake in IRFC.
As per MPS norm, a listed entity must have a minimum public float of 25% within five years of listing.
"We are assessing investor appetite before deciding on the quantum of dilution," the official told PTI.
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