Description

NSE announces a proposed Offer for Sale (OFS) of IRFC shares on February 25-26, 2026, with details on participation requirements, UCC compliance, and bidding platform access for trading members.

Summary

NSE has issued a circular (Ref No: NSE/CMTR/72976, Circular Ref. No: 26/2026) informing all trading members of a proposed Offer for Sale (OFS) of equity shares of Indian Railway Finance Corporation Limited (IRFC, Symbol: IRFC, ISIN: INE053F01010). The OFS is scheduled for February 25–26, 2026, and will be conducted via the NSE eOFS platform in accordance with the Interoperability among Clearing Corporations scheme circular NSE/CMTR/72975 dated February 24, 2026.

Key Points

  • All eligible Capital Market segment trading members can participate via the eOFS platform at https://eofs.nseindia.com.
  • Three bidding categories are available: IS (non-retail), RS (retail, bid value ≤ ₹2 lakh), and ES (employee, bid value ≤ ₹5 lakh).
  • Issue size is up to 26,13,70,120 equity shares (Base Offer Size) plus up to 26,13,70,120 equity shares (Oversubscription Option) and additionally 25,000 shares (Eligible Employee Option), face value ₹10 each.
  • The seller will intimate the Exchange of its intention to exercise the oversubscription option on or before 5:00 PM on February 25, 2026.
  • Members yet to receive Admin user IDs must register via the ENIT portal (https://enit.nseindia.com/MemberPortal/) under: ENIT-NEW-TRADE → Membership → Enablement → eOFS.
  • Admin user ID requests are processed at 11:00 AM, 2:00 PM, and 3:00 PM; requests received after 3:00 PM will be processed by 8:45 AM the next day.
  • Only one Admin User creation request should be raised; requests cannot be modified once submitted.
  • Helpdesk contact for bidding platform queries: Toll Free 1800 266 00 50 (Option 1), Email: msm@nse.co.in.

Regulatory Changes

The OFS is being conducted in accordance with the Interoperability among Clearing Corporations framework as per exchange circular NSE/CMTR/72975 dated February 24, 2026. No standalone new regulatory framework is introduced; this circular operationalizes an existing scheme for the specific IRFC OFS event.

Compliance Requirements

  • Members must ensure compliant UCCs (for self/PRO and clients) are updated in the Unique Client Identification (UCI) system at least one day prior to the OFS bidding session.
  • Members or clients whose UCC becomes compliant on the day of the OFS bidding session will not be permitted to participate; orders will not be accepted.
  • UCCs identified as compliant for the Capital Market segment by 10:00 PM on the previous day will be considered permitted to trade for the next bidding day.
  • Members must ensure sufficient collaterals before initiating carry-forward of orders on T+1 day. Orders rejected once due to insufficient margins cannot be re-placed.
  • Members should refer to Annexure 3 of circular NSE/CMTR/43529 dated February 13, 2020 for features and limit settings for their users.

Important Dates

  • February 24, 2026: Circular issued; Admin user ID requests received after 3:00 PM processed next day by 8:45 AM.
  • February 25, 2026: OFS Day 1 (bidding session); seller to intimate Exchange on oversubscription exercise intention by 5:00 PM.
  • February 26, 2026: OFS Day 2 (bidding session).
  • Day prior to OFS: Deadline for updating compliant UCCs in the UCI system.

Impact Assessment

This is a significant market event involving a large government-owned entity (IRFC). The combined offer size (base + oversubscription) could amount to over 52 crore equity shares, making it a high-impact liquidity event for the capital markets. Trading members and their clients wishing to participate must act immediately to ensure UCC compliance and adequate collateral levels before February 25, 2026. Failure to meet UCC or collateral requirements will result in exclusion from bidding. The use of the interoperable clearing mechanism adds operational complexity that members should prepare for in advance.

Impact Justification

Large-scale OFS involving up to 52.27 crore equity shares of IRFC across two categories (base + oversubscription), requiring immediate action by trading members for UCC compliance and collateral sufficiency.