The union government has dropped its plans for IRCTC offer for sale (OFS) for now due to volatile market conditions, sources privy to the developments told CNBC-TV18.

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The government, which owns a 67 percent stake as on June 2022, was earlier looking to raise Rs 3,000 crore via dilution of 3.5 percent via IRCTC offer for sale.

Meanwhile, IRCTC has issued a clarification to the exchanges, "ln this regard, we would like to submit that the Company is not aware of any such information. Also, being a Government Company, such decisions are taken by the Government of India."

According to the earlier reports, Axis Securities, Citi, Goldman Sachs, and JM Financial were appointed as bankers for the issue.

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Last week, IRCTC had withdrawn a controversial tender for hiring a consultant to monetise its passenger and freight customer data following concerns over privacy.

IRCTC informed the Parliamentary Standing Committee on Information Technology chaired by Congress leader Shashi Tharoor on Friday that it was no longer pursuing the tender.

According to the tender document, the data to be studied will include information captured by the national transporter's various public-facing applications such as "name, age, mobile number, gender, address, e-mail ID, class of journey, payment mode, log in or password" and other details.

The IRCTC has more than 10 crore users, of which 7.5 crore are active ones.

First Published:Aug 29, 2022 3:43 PM IST