BSE Scrip: ISIN: INE053F01010

Announcement Date: June 23, 2026

Offer Details:

Type of Transaction: Offer for Sale (OFS) through stock exchange mechanism

Seller (Promoter): The President of India, acting through and represented by the Ministry of Railways, Government of India

Number of Shares Offered:

  • Base Offer Size: 13,06,85,060 Equity Shares (1% of total paid-up equity share capital)
  • Oversubscription Option: Additional 13,06,85,060 Equity Shares (1% of total paid-up equity share capital)
  • Total possible offer: 26,13,70,120 Equity Shares (2% of total paid-up equity share capital)

Percentage of Paid-Up Equity: 1% base offer with option to increase to 2%

Employee Offer: Up to 25,000 Equity Shares (approximately 0.0002% of paid-up capital) for eligible employees

Timelines:

T Day (Non-Retail Investors): June 24, 2026

T+1 Day (Retail Investors and Carry-Forward Bids): June 25, 2026

Bidding Hours: 9:15 a.m. to 3:30 p.m. Indian Standard Time on both days

Pricing & Allocation:

Floor Price: ₹91.00 per Equity Share

Retail Discount: Nil

Allocation Method:

  • Allocation at or above Floor Price on price priority basis at multiple clearing prices
  • No indicative price for Retail and Employee Category
  • No single bidder (except Mutual Funds and Insurance Companies) allocated more than 25% of Offer Shares

Non-Retail Category Allocation Methodology:

  • Minimum 25% reservation for Mutual Funds and Insurance Companies
  • Unsubscribed portion available to other bidders in non-Retail Category
  • Non-Retail Investors can carry forward un-allotted bids to T+1 day
  • Allocation at Cut-Off Price or higher as per bids

Retail Category Allocation Methodology:

  • 10% of Offer Shares reserved for Retail Investors
  • Retail Investor defined as individual bidding for total value not exceeding ₹200,000
  • May bid at any price above Floor Price or at Cut-Off Price
  • Unsubscribed Retail portion available to non-Retail Investors who carried forward bids

Employee Category:

  • Employees may bid only at Cut-Off Price
  • Eligible employees can apply for Equity Shares up to ₹200,000 (may exceed to ₹500,000 if undersubscribed)
  • Employee bids processed along with Retail Category on T+1 day

Mutual Funds & Insurance Companies:

  • Minimum 25% reservation subject to valid bids at or above Floor Price
  • Special allocation category with preferential treatment

Brokers & Settlement:

Seller's Brokers: Goldman Sachs (India) Securities Private Limited (Broker Code: NSE - 12778/BSE - 3158) acting as sole broker

Settlement Timelines:

  • Non-Retail Category on T day: Settlement on T+1 Day
  • Non-Retail carried forward bids on T+1 day: Settlement on T+2 Day
  • Retail and Employee Category on T+1 day: Settlement on T+2 Day

Withdrawal & Cancellation Conditions:

Withdrawal: Seller may not proceed with Offer any time prior to opening on T Day. Cooling-off period of 10 trading days after withdrawal.

Cancellation: Offer may be cancelled if (i) insufficient demand at or above floor price, (ii) settlement default, or (iii) insufficient demand from non-retail investors on T day. Cancellation request accepted up to 5:00 p.m. on T day.

Other Noteworthy Information:

Purpose: Achieving minimum public shareholding as prescribed under Rule 19(2)(b) of Securities Contracts (Regulation) Rules, 1957 and Regulation 38 of SEBI LODR Regulations, 2015

Bidding Conditions:

  • Non-institutional investors require 100% bid value deposit upfront
  • Institutional investors have option to bid without upfront payment
  • Retail and Employee margin at Floor Price for Cut-Off Price bids, at bid value for price bids
  • Multiple orders permitted subject to cumulative value restrictions
  • 10% penalty for default in pay-in

Trading: Equity Shares other than Offer Shares continue trading in normal market

Restrictions: Promoters and promoter group members not allowed to participate in Offer

Legal Framework: Offer made under SEBI Master Circular dated December 30, 2024, BSE OFS Circular dated July 1, 2024, and NSE OFS Circular dated February 24, 2026

International Restrictions: Offer not available in United States except to Qualified Institutional Buyers, and subject to various international securities law restrictions