Overview
- The Centre set a Rs 104 floor for a 2% base OFS with a 2% greenshoe, then chose not to exercise the oversubscription option after tepid interest.
- On the institutional bidding day, investors bid for about 22.34 crore shares, or roughly 95% of the 23.52 crore non-retail tranche, leaving an undersubscription of 1.18 crore shares.
- Retail bidding opened a day later with about 5.9 lakh shares bid against more than 3.79 crore on offer, so the overall sale remained capped at the base size of 26.13 crore shares.
- IRFC’s stock fell about 4% on the OFS launch day and later closed at Rs 103.25 after touching an intraday low of Rs 102.50, extending pressure from the increased float and discounted pricing.
- Separately, IRFC signed a five-year, unsecured ECB for the JPY equivalent of $400 million benchmarked to TONAR with a consortium including SMBC and MUFG via their GIFT City branches.