Government Set To Offload Part Of Its Shareholding In HAL And IRCTC Via Offer For Sale Route

In a major development, the Government is set to divest off a part of its stake in the aerospace behemoth Hindustan Aeronautical Limited (HAL) and the travel and tourism sector-major Indian Railway Catering and Tourism Corporation (IRCTC), reports Hindu Businessline.

The process for the same was initiated long back in January itself, but the outburst of COVID-19 pandemic and the ensuing chaos in the markets led the Government to delay the implementation. Now, with the stock market having regained its strength, the Government looks to complete the pending agenda.

Meanwhile, the Government has invited bids for the appointment of Merchant Bankers and Selling Brokers to help assist in carrying out the OFS for IRCTC. The government holds 87.04 per cent shares in the company.