New Delhi: The Indian Railways is also going to take a step in the stock market. The Indian Railway Catering and Tourism Corporation, IRCTC has submitted documents to the capital market regulator SEBI for bringing in an IPO. IRCTC is the tourism and catering unit of the Railways. The government will introduce two crore shares of IRCTC with face value of Rs 10 through IpOs. According to market sources, the IPO will be worth Rs 500 to Rs 600 crore.
IDBI Capital Markets and Securities, SBI Capital Markets and Yes Securities (India) will manage the IPO. According to the IPO document, IRCTC is the only authorized unit of Indian Railways to provide drinking water at stations and trains besides the facility of booking train tickets online with catering services. After the IPO, IRCTC shares will be listed on the Bombay Stock Exchange and the National Stock Exchange.
According to the draft, the company will issue two crore shares with a face value of Rs 10. For this IPO, the company has appointed IDBI Capital Market and Securities, SBI Capital Market and Yes Capital as its manager. According to the draft Red Harring Prospectus, IRCTC is the only company authorized by indian Railways to supply catering services, online ticket bookings and bottled water. IRCTC will list its shares on BSE and NSE.
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