Govt to raise ₹1,200 crore by selling 8% stake in IRCON via OFS; floor price set at ₹154/share
The central government owns 73.18% in IRCON International, and 8% stake sale will help it raise about ₹1,159 crore.
The central government is planning to sell up to 8% stake in IRCON International through an offer for sale (OFS). The floor price was fixed at ₹154 per share, the engineering and construction company said in a stock exchange filing on Wednesday.
The government owns 73.18% in the company, and the 8% stake sale will help it raise about ₹1,159 crore.
According to the plan, the government will sell 4% of the company shares. Moreover, an additional 4% would be sold if the offer is oversubscribed.
Also Read: Defence, railway stocks surge after BJP's state election victory; HAL, BEL, Ircon hit 52-week high
The floor price for the sale has been set at ₹154 a share, which is a discount of about 10.5% to the stock's closing price on Wednesday.
So far, the government has collected ₹8,859 crore by selling shares in public sector units in 2023/24, compared with a target of ₹51,000 crore.
IRCON OFS: Closing and opening date
The offer will take place on a separate window of the stock exchanges under the T+1 period. The OFS will take place between 9:15 am and 3:30 pm on December 7, 2023 (T Day). It will continue the next day as well during the same time.
Only non-retail investors would be able to place their bids on December 7, ie T Day. “While placing their bids, non-retail investors may indicate their willingness to carry forward their unallotted bids to T+l Day for allocation to them in the unsubscribed portion of Retail Category,” said the company in its exchange filing.
The non-retail Investors who have placed their bids on December 7 and have chosen to carry forward their unallotted bids to December 8 (T+l Day), will be allowed to carry forward for allocation to them in the unsubscribed portion of the Retail Category and also revise their bids on T+l.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High