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Ircon International Limited today said that it has been awarded the work for replacement of mechanical signaling at various locations at Moradabad at the expected completion cost of RS.187 .80 crore.

The tenure for execution of the works is 24 months. This work has been awarded on competitive bidding basis among PSUs by the Northern Railways, Ministry of Railways.

Meanwhile, Shares of IRCON International Ltd on Wednesday closed with over 7 per cent losses after the government announced its plan to pare its stake in the railway PSU.

On BSE, the scrip dived 6.9 per cent to close at 91.1. Intra-day, it had slid to 90.55.

At the NSE, the shares ended 7.25 per cent lower at 90.8. During the day, the scrip declined to 90.5.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Tuesday tweeted: "Offer for Sale in IRCON opens tomorrow for Non Retail Investors. Day 2 for Retail Investors. Govt. would divest 10% equity with an additional  6% as Green Shoe option".

The offer for sale (OFS) for up to 16 per cent government stake at a floor price of 88 per share in IRCON will open on Wednesday, as per a regulatory filing of the firm on Tuesday.

The base issue size of the OFS is 10 per cent or over 4.70 crore equity shares, with a green-shoe option to retain over-subscription of 6 per cent or over 2.82 crore shares. The total issue size, including green-shoe option, comes to 16 per cent or over 7.52 crore shares.

The government holds 89.18 per cent stake in IRCON, which is under the Railways Ministry and into construction of transportation infrastructure. At the floor price, a 16 per cent stake would fetch over 600 crore to the exchequer.

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