India to sell up to 2% stake in Indian Railway Finance Corp
- India’s Union Budget set a divestment and asset monetisation target of 800 billion Indian rupees for fiscal year 2027
India on Tuesday said it would divest up to a 2% stake in Indian Railway Finance Corp via an offer for sale (OFS).
The Indian government will sell 1% equity in the financier, with an option to sell an additional 1% based on investor response, the divestment secretary said in a post on social media platform X.
The offer will open for non-retail investors on Wednesday and for retail investors on Thursday.
An OFS allows promoters or large shareholders of listed companies to sell shares through stock exchanges.
India’s Union Budget set a divestment and asset monetisation target of 800 billion Indian rupees ($8.44 billion) for fiscal year 2027.
In February, the government had proposed to sell up to a 4% stake in Indian Railway Finance Corp, but could offload only 1.71% shareholding. It holds an 84.65% stake in the financier.