Description
BSE announces the Offer for Sale (OFS) schedule for Indian Railway Finance Corporation Ltd (IRFC) on 25-26 February 2026, with a base offer size of 26.14 crore shares at a floor price of Rs 104.00 per share.
Summary
BSE has announced the live activities schedule for the Offer for Sale (OFS) of shares of Indian Railway Finance Corporation Ltd (IRFC, scrip code 543257). The OFS is scheduled across two days — 25th February 2026 (T Day) for institutional and non-retail investors, and 26th February 2026 (T+1 Day) for retail investors and employees. The base offer size is 26,13,70,120 shares with an oversubscription (green shoe) option of an equal quantity, bringing total shares to 52,27,40,240. The floor price is set at Rs 104.00 per share and allocation follows the Price Priority Method.
Key Points
- Security: INDIAN RAILWAY FINANCE CORPORATION LTD | Symbol: IRFC | Code: 543257 | ISIN: INE053F01010
- Floor Price: Rs 104.00 per share | Face Value: Rs 10 | Tick Size: Rs 0.05 | Market Lot: 1 share
- Base Offer Size: 26,13,70,120 shares; with oversubscription option: total 52,27,40,240 shares
- Retail Reservation (10%): Base 2,61,37,012 shares; with green shoe: 5,22,74,024 shares
- Non-Retail Offer: Base 23,52,33,108 shares; with green shoe: 47,04,66,216 shares
- Employee Quota: 25,000 shares (bid value up to Rs 5 lacs)
- Allocation Method: Price Priority Method
- Seller’s green shoe decision deadline: On or before 5:00 PM on 25th February 2026
- Bidding platforms: iBBS (https://ibbs.bseindia.com/) and RTRMS (https://rtrms.bseindia.com/)
Regulatory Changes
No new regulatory changes are introduced. This circular operationalises the existing OFS framework under SEBI guidelines, applying standard margin, settlement, and give-up/take-up provisions for institutional and retail investor categories.
Compliance Requirements
- Trading Members and Custodian Members must follow the prescribed session timings strictly for bid entry, modification, and cancellation.
- Institutional investors (MF, IC, OTHS) bidding at 0% margin must complete give-up/take-up by 7:30 AM on T+2 (27th Feb 2026).
- Non-institutional investors (NII) must bid with 100% upfront cash margin; settlement on T+1.
- Retail investors (RI/RIC) must bid on T+1 day (26th Feb) with 100% upfront cash margin; settlement on T+2.
- Unallocated T-day bidders who opt to carry forward must re-bid on T+1 within the RI/RIC/EMP session.
- Members must use correct category codes: MF, IC, OTHS, NII, RI, RIC, EMP as defined.
Important Dates
| Event | Date | Timings |
|---|---|---|
| Bid Entry — IC/MF/OTH/NII (T Day) | 25 Feb 2026 (Wed) | 9:15 AM – 3:30 PM |
| Bid Modification/Cancellation — IC/MF/OTH/NII | 25 Feb 2026 (Wed) | 9:15 AM – 3:30 PM |
| Seller green shoe decision deadline | 25 Feb 2026 (Wed) | By 5:00 PM |
| Give-up/Take-up (T+1) | 26 Feb 2026 (Thu) | By 7:30 AM |
| Bid Entry — RI/RIC/EMP (T+1 Day) | 26 Feb 2026 (Thu) | 9:15 AM – 3:30 PM |
| Bid Modification/Cancellation — RI/RIC/EMP | 26 Feb 2026 (Thu) | 9:15 AM – 3:30 PM |
| Give-up/Take-up (T+2) | 27 Feb 2026 (Fri) | By 7:30 AM |
Impact Assessment
This is a high-impact OFS given IRFC’s status as a major government-backed financing entity for Indian Railways. At a floor price of Rs 104 per share, the base offer represents approximately Rs 2,718 crore in value; including the green shoe option, the total OFS could raise approximately Rs 5,437 crore. The two-day structure (institutional on T day, retail on T+1) is standard for large OFS transactions. Market participants — especially retail investors and their brokers — should prepare for heavy order flow on 26th February. Trading members must ensure systems are configured for both iBBS and RTRMS platforms before the OFS opens.
Impact Justification
Large-scale OFS of a major PSU (IRFC) involving over 52 crore shares including green shoe option, with a floor price of Rs 104. Affects institutional and retail investors across two trading days and requires immediate action from trading and custodian members.