The offer for sale (OFS) for up to an 8% government stake in the railway public sector undertaking IRCON will open on Thursday. The floor price for the IRCON OFS would be ₹154 per equity share, the rail PSU said in a regulatory filing.
Shares of IRCON closed at ₹172, down 0.81% on the NSE. The floor price of ₹154 is at a discount of over 10% from Wednesday's closing price. So far this year, IRCON stock price has surged 190%.
At the floor price of Rs 154, an 8% stake would fetch the government over
₹1,200 crore. The government currently holds a 73.18% stake in
IRCON, which is under the Railways Ministry and in the construction of transportation infrastructure.
The base issue size of the OFS is 4%, or over 3,76,20,629 equity shares, with a green-shoe option to retain an over-subscription of 4%, or 3,76,20,629 shares.
The total issue size, including the green-shoe option, comes to 8%, or over 7,52,41,258 shares.
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Wednesday, "Offer for Sale in IRCON opens tomorrow for non-retail investors. Retail investors can bid on Friday. Govt. would divest 8% equity including Green Shoe option."
First Published: Dec 6, 2023 7:24 PM IST
