Government Indian Railway Catering and Tourism Corporation (IRCTC) for offer for sale (OFS) Working on a plan to bring According to a media report, Axis Securities, Citi, Goldman Sachs, JM Financial have been appointed as the bankers to the issue. The government wants to raise Rs 3,000 crore by selling 3.5 per cent stake through offer for sale. Earlier in December 2020, the government had sold 20 per cent stake in IRCTC through OFS. After the sale of shares, the government’s stake in the PSU came down to 67 per cent. Indian Railway Catering and Tourism Corporation in October 2019 Share Market was listed in. Prior to OFS, the government had acquired 87.4 per cent stake in the enterprise.
Through IPO Rs. 645 crore recovered
IRCTC has recovered Rs 645 crore raised. IRCTC sells train tickets and packaged drinking water online along with catering services at railway stations and trains across the country.
There was a dispute regarding the convenience fee
Last year, the Indian Railways asked the Indian Railway Catering and Tourism Corporation to remit 50 per cent of the revenue from the facility fee to the government. IRCTC retains 100% of this fee. Internet ticketing is a major contributor to IRCTC’s revenue. Had it taken 50 per cent of the earnings, IRCTC would have suffered a huge loss. IRCTC shares fell as soon as the news was received. Eventually the government deferred the revenue sharing plan.
Special food arranged in Navratri
There is relief news for those traveling by train during Chaitra Navratri. Chaitra Navratri festival has been started for rail passengers, under which rail passengers will be able to enjoy Navratri special food with 25% discount from 25th April to 11th April. For this, IRCTC’s authorized food delivery service partner Rail Restaurant has announced a coupon code named ‘NAV25’. Rail passengers will get this facility at all major railway stations of India including Pune, Vijayawada, Lucknow, Patna, New Delhi, Katra, Ratlam, Prayagraj, Ambala, Bhopal, Vadodara, Nagpur, Mathura, Jhansi.