IRCTC to float IPO on September 30
The IPO of IRCTC, a subsidiary of Indian Railways, will go on the market on September 30. Preparations for this have been completed. The government plans to raise Rs 400 crore from this IPO. The Finance Ministry started the IPO process of IRCTC earlier this year. IRCTC deals with ticket booking, hotel booking, railway catering service and tourism.
Proposal sent to SEBI
The government can raise Rs 400 crore from the IPO of IRCTC. In August, the government sent the proposal of IPC of IRCTC to the market regulator SEBI. After the IPO, the government’s stake in the company will come down to 12.5%.
How were the results
IRCTC’s revenue in FY 2019 was Rs 1899 crore, which was 25% more than the previous year. The company’s profit had also increased by 23.5 from the previous year. Every day there are 72 lakh logins on the company’s ticketing website. The government formed this company in 1999. In 2008, it got the status of Miniratna.
Cabinet approval was received in April
In April, the government sold 12.12 percent stake in Rail Vikas Nigam Limited (RVNL). It got about 480 crores from this. In April 2017, the Union Cabinet’s Economic Affairs Committee approved the listing of 5 railway companies in the stock market. These include IRCON International, Rights, RVNL and IRCTC.
Target of raising 1.05 lakh crore
The government has targeted to raise Rs 1.05 lakh crore by selling its stake in PSU in the current financial year. In the last financial year, the target was to raise Rs 85,000 crore from disinvestment.
