Home BUSINESS IRCON International shares fall 7% on the government. Stake sale bid announcement

IRCON International shares fall 7% on the government. Stake sale bid announcement


Shares of Ircon International Ltd. closed on Wednesday with losses of over 7% after the government announced plans for a stake in the railway unit. On the BSE, the dividend was 6.9%, to close at 91.1. Shares plummeted 7.25% on the National Stock Exchange. Closed at 90.8.

DIPAM Secretary Tuhin Kanta Pandey tweeted on Tuesday, & # 39; & # 39; The offer for sale at IRCON opens tomorrow for non-retail investors. Day 2 for retail investors. "

The proposal for the sale of up to 16% government stake (OFS) in IRCON at a floor price of ₹ 88 per share will open on Wednesday, according to a regulatory filing by the company.

The base issue size of OFS is 10% or more than 4.70 crore equity shares, with the option of green-shoes to retain a subscription of 6% or more than 2.82 crore shares. The total issue size, including the green-shoe option, is 16 per cent or over 7.52 crore shares. The center holds an 89.18% stake in IRCON, which is in the construction of transport infrastructure. At the cost of the floor, 16% stake will be received by the government exchequer over ₹ 600 crore.

You have reached your limit for free articles this month.

Membership benefits included

Today's paper

Get a mobile-friendly version of the article from the newspaper of the day in an easy-to-read list.

unlimited access

Enjoy reading as many articles as you want without any limitations.

Personal recommendations

A select list of articles that matches your interests and tastes.

Fast page

Move seamlessly between articles as our pages load instantly.


One-stop-shop to see the latest updates and manage your preferences.


We inform you about the latest and most important events three times a day.

Support quality journalism.

* Our digital subscription plans currently do not include e-paper, crosswords and print.



Must Read

Do not agree with the claim that Huawei will be blocked: Jay Chen

For the purchase of telecommunications equipment & # 39; reliable sources & # 39; There is uncertainty about the inclusion of the Chinese...

India condemns violence in Myanmar, urges maximum restraint

United Nations: India has condemned the violence Myanmar And mourned the loss of life, as it urged and called for maximum...

Rajinikanth honored with Dadasaheb Phalke Award

The honor is considered India's highest award in cinema. Five days ahead Tamil Nadu ElectionThe Narendra Modi government on Thursday announced the Dadasaheb Phalke...

Split Trap Center, 8 32,835 Crore., Betters revised estimates

Government. Originally budget of 2.10 lakh crores. The government has withdrawn ₹ 32,835 crore from CPSE's share sale and buyback, thus exceeding the disinvestment...

California shooting: At least 4 deaths including child in business complex shooting in Orange city World News

Los Angeles: A Shooting in Southern California Police said the office building on Wednesday killed four people, including a child, and...