by admin | May 25, 2021 | Business
Mumbai: Sep 28th (IANS) Come Monday, the Indian Railways will hit the country”s stock markets with its fourth and largest Initial Public Offer (IPO), that of the IRCTC worth over Rs 635 crore.
The state-run firm”s IPO will open on September 30 with a price band of Rs 315-Rs 320 per share taking the issue size to Rs 635.04 to Rs 645.12 cr. The offer size in terms of amount makes it the highest among all the railway offerings till date.
Till now, the Indian Railways has come out with three IPOs of its subsidiaries namely Rail Vikas Nigam Limited (RVNL), (Rail India Technical and Economic Service) RITES and (Indian Railway Construction Company Limited) IRCON.
Interestingly, RVNL”s IPO had the highest amount size till date of Rs 477.11 crore, followed by IRCON at Rs 466.93 crore and by RITES at Rs 460.44 crore.
An IPO is a financial instrument through which an unlisted company offers shares to the public first time. The funds raised are used for various purposes, like working capital, debt repayment and acquisitions.
In terms of IRCTC”s IPO, the issue comprises an offer for sale of 2,01,60,000 shares of Rs 10 face value. Of the total, 1,60,000 equity shares were reserved for employees.
Consequently, the total share dilution constitutes to about 12.60 per cent of IRCTC”s paid up equity share capital. The minimum bid lot of the IPO is 40 equity shares, thereafter orders can be placed in the multiples of 40 equity shares.
All proceeds from the offer will go directly to the selling shareholder.
The firm has consistently made profits over the years. In FY 2019, its net profit rose to Rs 272.6 crore from a profit of Rs 220.62 crore reported for FY18.
Moreover, the company”s revenue from operations has grown to Rs 1,867.88 crore in FY19 from Rs 1,470.46 crore earned during FY18.
The state-run entity is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.
Currently, it operates in four business segments, namely, Internet Ticketing, Catering, Packaged Drinking Water and Travel and Tourism.
Besides, it has diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels.
In addition, the company operates one of the most transacted websites in the Asia-Pacific region with volume averaging 25 to 28 million per month during the five months ending August 31, 2019.
–IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Governance, Large Enterprise, Markets, Online Marketing, Technology
New Delhi : IRCTC, the catering arm of the Indian Railways, has partnered with Magzter to provide unmatched online reading to its passengers while on the go.
In a statement, the Indian Rail Catering and Tourism Corporation (IRCTC), which manages the online e-ticket booking portal www.irctc.co.in for the national transporter said: “Continuing with its passenger-friendly measures, the IRCTC has taken a new initiative to offer unmatched digital reading experience to its 6.6 crore plus users and visitors on its portal.”
“For this, the IRCTC has partnered with Magzter, the world’s largest digital magazine newsstand,” it said.
It said that under this partnership, IRCTC users can get unlimited access to 5,000+ best selling magazines and select newspapers on their smartphones and tablets in an exclusive offer.
These magazines spread across 40+ categories including automotive, business, comics, education, entertainment, fashion, fitness, lifestyle, news, politics, science, technology and travel, are meant to interest everyone in the family from 6 to 60+ years of age.
The good news is that IRCTC users/portal visitors are being given exclusive advantage of availing this facility at a heavily discounted price alongwith customised affordable packages and an exclusive seven-day free trial package.
One such exclusive offer for IRCTC users/portal visitors starts at Rs 20 plus GST per day journey.
The users can choose their packs from various durations – one day, one week, one month or a year, and indulge in unlimited reading.
In the special introductory offer, the IRCTC is providing its users a chance to choose their packs from various durations, which start at Rs 20 for a day.
For a week’s service of Magzter, a user needs to pay Rs 30, a month’s subscription is available at Rs 99 and a year’s at Rs 499.
The IRCTC said that the users can enjoy unlimited access to superlative content from all the major countries including India, USA, UK, Singapore, Australia, Canada and South Africa on the go.
“And once the magazines are downloaded on a device, they can be accessed even without an Internet connection which will come in handy when the users are travelling,” it said.
To enable the service, a user needs to login to the IRCTC website and needs to go into the Digital Magazine link under “IRCTC Exclusive” and from there he/she can select their desired subscription.
—IANS
by admin | May 25, 2021 | News, Politics
New Delhi : A Delhi court on Saturday granted bail to former Bihar Chief Minister Rabri Devi, her son Tejashwi Yadav and others in a money laundering case related to the 2006 IRCTC hotels maintenance contract.
Special Judge Arun Bhardawaj while granting bail to the accused, who were present in the court room, asked them to furnish a personal and surety bond of Rs 1 lakh each.
Rabri Devi and Tejashwi Yadav appeared before the court in pursuance of summons issued against them last month.
The court listed the matter for further hearing on November 19.
The case relates to alleged irregularities in the allotment of contracts of Indian Railway Catering and Tourism Corporation (IRCTC) hotels in Ranchi and Puri in 2006 to a private firm, for which a three-acre commercial plot at a prime location in Patna district was given as a bribe.
Former Railway Minister Lalu Prasad who failed to appear before the court on Saturday will appear before the court via video-conferencing on the next date fixed for hearing.
The Enforcement Directorate (ED) filed a charge sheet in August and had named Lalu Prasad, Rabri Devi, son Tejashwi, his party colleague P.C. Gupta and his wife Sarla Gupta, firm Lara Projects and 10 others as accused in the IRCTC hotels tender case.
All of them are booked under the Prevention of Money Laundering Act.
The Central Bureau of Investigation in April filed the charge sheet in the IRCTC hotels maintenance contract case against 12 persons and two companies.
—IANS
by admin | May 25, 2021 | News, Politics
New Delhi : A city court on Monday issued summons to former Railway Minister Lalu Prasad, his wife Rabri Devi, son Tejashwi Yadav and others in connection with the 2006 IRCTC hotels maintenance contract case.
The case relates to alleged irregularities in the allotment of contracts of two IRCTC hotels in Ranchi and Puri in 2006 to a private firm involving a bribe in the form of a three-acre commercial plot at a prime location in Patna district.
After taking cognisance of the charge sheet, Special Judge Arvind Kumar asked them to appear in court on August 31.
The Central Bureau of Investigation (CBI) in April filed the charge sheet in the Indian Railway Catering and Tourism Corporation (IRCTC) hotels maintenance contract case against 12 people and two companies.
Among those named in the chargesheet were Rashtriya Janata Dal (RJD) chief Lalu Prasad, his wife and former Bihar Chief Minister Rabri Devi, his son and former Deputy Chief Minister Tejashwi Yadav, former Managing Director of IRCTC P.K. Goel, Sujata Hotels directors Vinay and Vijay Kochhar, Sarala Gupta — wife of Prem Chand Gupta, RJD MP.
The CBI charge sheet also named Additional Member of the Railway Board B.K. Agarwal, who was then Group General Manager (GGM) of the IRCTC.
The central probe agency also named former GGM of IRCTC V.K. Asthana, R.K. Gogia — then GGM (company secretary) of IRCTC, Ramesh Saxena — then IRCTC Director, and Sujata Hotels Pvt Ltd.
—IANS
by admin | May 25, 2021 | News, Politics
New Delhi : The CBI on Tuesday issued fresh summons to RJD chief Lalu Prasad and his son Tejashwi Yadav in the ongoing probe into alleged irregularities in an IRCTC hotels’ contract case.
“The Central Bureau of Investigation has summoned both for questioning on Thursday and Friday,” agency spokesperson Abhishek Dayal told IANS.
The CBI’s latest move comes after Lalu Prasad and Tejashwi skipped three earlier summons.
On September 26, summons were issued to the father and son for October 3 and 4.
Earlier, the agency had summoned them on September 22 to appear before it on 25 and 26 respectively. But, they sought two weeks’ time.
The CBI had summoned the former Bihar Chief Minister and son Tejashwi, who is a former Deputy Chief Minister, on September 7 as well for questioning on September 11 and 12.
The CBI had, on July 5, filed a corruption case against Lalu Prasad, his wife Rabri Devi and Tejashwi Yadav for alleged irregularities in the allotment of contracts for Indian Railway Catering and Tourism Corporation (IRCTC) hotels at Ranchi and Puri in 2006 to a private company when Lalu Prasad was the Railway Minister from 2004 to 2009.
The contracts were allegedly handed over to Sujata Hotels company owned by Vijay and Vinay Kochhar in lieu of a bribe in the form of a plot of prime land in Bihar, the CBI said.
According to the CBI, Lalu Prasad allegedly granted illegal favours to Sujata Hotels.
The CBI, which registered the case under charges of criminal conspiracy, cheating and the Prevention of Corruption Act, claimed that the kickbacks were paid through a ‘benami’ company owned by Sarla Gupta, wife of RJD MP Prem Chand Gupta.
The CBI preliminary inquiry allegedly found that the said land was sold by the Kochhars to Delight Marketing, and payment was arranged through Ahluwalia Contractors and its promoter Bikramjeet Singh Ahluwalia.
The Enforcement Directorate, which is also probing the financial irregularities in the case, has questioned Ahluwalia and also summoned Sujata Hotels owners for questioning.
The ED had, on July 27, registered a separate case under the Prevention of Money Laundering Act following the CBI FIR and was probing allegations against Lalu Prasad and others for alleged transaction of money through shell companies.
—IANS
