Description
BSE announces the schedule for the Offer for Sale of IRFC shares on February 25-26, 2026, with a base offer size of 26.14 crore shares at a floor price of Rs 104, including retail and non-retail tranches.
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 over two days — T Day on Wednesday, 25th February 2026 (for institutional/non-retail investors) and T+1 Day on Thursday, 26th February 2026 (for retail investors and employees). The base offer size is 26,13,70,120 shares with an oversubscription (greenshoe) option of equal size, bringing the total potential offer to 52,27,40,240 shares. The floor price is set at Rs 104.00 per share.
Key Points
- Security: Indian Railway Finance Corporation Ltd | Symbol: IRFC | Scrip 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 greenshoe option total reaches 52,27,40,240 shares
- Retail Reservation (10%): 2,61,37,012 shares (base); up to 5,22,74,024 shares including oversubscription
- Non-Retail Offer Size: 23,52,33,108 shares (base); up to 47,04,66,216 shares including oversubscription
- Employee Quota: 25,000 shares
- Allocation Method: Price Priority Method
- Seller’s greenshoe decision deadline: On or before 5:00 PM on 25th February 2026
- OFS platform URLs: iBBS (https://ibbs.bseindia.com/), RTRMS (https://rtrms.bseindia.com/), Member Extranet (https://member.bseindia.com/)
Regulatory Changes
No new regulatory changes introduced. This circular operationalizes an existing OFS framework under SEBI guidelines, applying standard BSE OFS procedures including price priority allocation, margin requirements, and give-up/take-up provisions for institutional investors.
Compliance Requirements
- Trading and Custodian Members must adhere to the stated bid entry, modification, and cancellation windows on T and T+1 days.
- Institutional Investors (MF, IC, OTHS) bidding with 0% margin must complete give-up/take-up by 7:30 AM on T+2 (27th February 2026).
- Retail Investors (RI/RIC) and Employees (EMP) must submit bids on T+1 (26th February 2026) with 100% upfront cash margin.
- Non-Institutional Investors (NII) bidding above Rs 2 lakh must provide 100% upfront cash margin on T Day.
- Unallocated T-Day bidders choosing to carry forward bids must do so within stated T+1 windows.
- Members accessing leased line URLs should refer to Exchange Circular No. 20170503-12 for configuration details.
Important Dates
| Event | Date | Day |
|---|---|---|
| Bid Entry — IC/MF/OTH/NII (Open) | 25 Feb 2026 | T |
| Bid Entry — IC/MF/OTH/NII (Close) | 25 Feb 2026 | T (3:30 PM) |
| Greenshoe exercise decision deadline | 25 Feb 2026 | T (by 5:00 PM) |
| Give-up/Take-up (T-Day bids) | 26 Feb 2026 | T+1 (by 7:30 AM) |
| Bid Entry — RI/RIC/EMP (Open) | 26 Feb 2026 | T+1 |
| Bid Entry — RI/RIC/EMP (Close) | 26 Feb 2026 | T+1 (3:30 PM) |
| Give-up/Take-up (T+1 bids) | 27 Feb 2026 | T+2 (by 7:30 AM) |
Bid Entry window on both days: 9:15 AM to 3:30 PM.
Impact Assessment
This is a high-impact event involving a major government-owned PSU (IRFC) with a substantial offer size of up to 52.27 crore shares. At the floor price of Rs 104, the total OFS value (including greenshoe) could reach approximately Rs 5,436 crore, making this a significant liquidity event for the equity market. Retail investors are guaranteed a 10% reservation, providing broad participation opportunity. Trading members and custodians face operational obligations across both T and T+1 sessions with strict margin and give-up/take-up timelines. Institutional investors with 0% margin bids have extended give-up deadlines extending to T+2 morning. Market participants should ensure readiness on both BSE’s iBBS and RTRMS platforms before the OFS opens.
Impact Justification
Large-scale government OFS involving 52+ crore shares (including greenshoe) of a major PSU; directly affects trading members, custodians, retail and institutional investors with specific bid timelines and margin requirements.