The President of India, acting through the Ministry of Railways, will sell up to 2% of the paid-up equity share capital of Indian Railway Finance Corporation Limited via an Offer for Sale (OFS) on June 24 and June 25, 2026. The offer, managed by Goldman Sachs (India) Securities Private Limited, establishes a floor price of ₹91.00 per equity share to ensure compliance with minimum public shareholding regulations.

The OFS is structured with a base offer size of 13,06,85,060 equity shares, representing 1% of the company's total paid-up equity share capital. The promoter retains an option to sell an additional 13,06,85,060 shares, representing another 1%, if the offer is oversubscribed. This oversubscription option will be intimated to the stock exchanges after trading hours on June 24, 2026. Additionally, up to 25,000 shares are reserved for eligible employees.

Bidding for non-retail investors will open on June 24, 2026 (T day), while retail investors and employees can place bids on June 25, 2026 (T+1 day). The offer will be conducted on a separate window of the BSE and NSE from 9:15 a.m. to 3:30 p.m. on both days. Retail investors are defined as individuals placing bids for shares not exceeding ₹200,000 in value across exchanges.

Allocation will occur on a price priority basis at multiple clearing prices. While mutual funds and insurance companies have a reserved quota of 25% of the offer shares, no single bidder—excluding these institutions—can be allocated more than 25% of the offer shares. Retail and employee discounts are not applicable for this transaction.

The offer is subject to withdrawal or cancellation at the seller's discretion prior to the opening of the offer on T day. Settlement for bids received from non-retail investors on T day will occur on T+1 day, while settlement for retail and employee category bids received on T+1 day will take place on T+2 day.

The Government of India, through the Ministry of Railways, held 11,06,23,96,171 equity shares of ₹10 each in Indian Railway Finance Corporation Limited as on March 31, 2026. The promoter confirmed that no encumbrance was created on these shares, directly or indirectly, during the financial year ended March 31, 2026.

This disclosure was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted on behalf of the Hon'ble President of India by the Ministry of Railways, Railway Board.

Shareholding Details

The table below outlines the shareholding status of the promoter as of the specified date: