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Institutional investors oversubscribe IRCON International's OFS, bids surpass Rs 2,400 cr
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Institutional investors oversubscribe IRCON International's OFS, bids surpass Rs 2,400 cr

| @indiablooms | 07 Dec 2023, 11:29 pm

Mumbai: Institutional investors have oversubscribed the government's offer to sell an 8% stake in government-owned IRCON International, with bids exceeding Rs 2,400 crore on Thursday.

IRCON International, or Indian Railway Construction International Limited, is an Indian engineering & construction corporation, specialized in transport infrastructure.

The government is divesting about 7.53 crore equity shares, representing 8% of the railway PSU, at a floor price of Rs 154 each through a two-day Offer for Sale (OFS).

The issue will be open for retail investors on Friday.

Non-retail investors submitted bids for over 15.66 crore shares on Thursday, surpassing the reserved 3.38 crore shares for them.

The indicative bid price was Rs 157.24.

Presently, the government holds a 73.18% stake in IRCON, an engineering and construction company.

So far in the current fiscal, the government has raised Rs 8,859 crore by selling minority stake in CPSEs. The budget has set a target of Rs 51,000 crore to be mopped up from PSU disinvestment.

"Offer for Sale in IRCON received enthusiastic response from non-retail investors today. The issue was subscribed 4.63 times of the base size. Government has decided to exercise the green shoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a post on X.


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