Saraf and Partners advised the Government of India in connection with a divestment of 5% of its stake in Indian Railway Catering and Tourism Corporation (IRCTC)

10 Jan 2023

In connection with a divestment of 5% of Ministry of Railways' stake in IRCTC by way of an offer for sale, for an aggregate consideration of Rs. 2,726.87 crores, Saraf and Partners has advised:

(a) the President of India, acting through the Ministry of Railways, Government of India ; and

(b) the Department of Investment and Public Asset Management, Ministry of Finance

Axis Capital Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, and JM Financial Institutional Securities Limited acted as brokers for the transaction.

The Saraf and Partners’ team was led by Partner, Murtaza Zoomkawala, ably assisted by Associates, Ipsita Pallavi Sahoo, Rainika Malhotra and Abhiroop Saha along with Paralegal, Apoorva Tyagi.