May 29, 2024 05:08 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Rajkot fire: Gaming zone co-owner among those killed, police confirms today | Eyeing more seats in Bengal, PM Modi holds mega roadshow in north Kolkata | 'I am not against minorities but won't divide the country based on religion': PM Modi | Delhi LG VK Saxena takes swipe at Kejriwal over children's hospital fire, orders anti-corruption probe | Punjab minister Balkar Singh's obscene video surfaces, BJP calls AAP 'Anti Aurat Party'
Institutional investors oversubscribe IRCON International's OFS, bids surpass Rs 2,400 cr
OFS
Image Courtesy: twitter.com/SecyDIPAM

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.

 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.