Government to sell 8% stake in IRCON via offer for sale. The floor price was fixed at ₹154/share, the engineering and construction company said in a stock exchange filing on Wednesday.
According to the plan, the government will sell 4% of the company share. Moreover, additional 4% would be sold if the offer is oversubscribed.
The floor price for the sale has been set at 154 rupees a share. The set floor price is a discount of about 10.5% to the stock’s closing price on Wednesday. At present, the government owns 73.18% stake in IRCON, and the 8% stake sale will help the government to raise about 11.59 billion rupees ($139.11 million).
So far, the federal government has so far collected 88.59 billion rupees by selling shares in public sector units in 2023/24, compared with a target of 510 billion rupees.
(This is a breaking, refresh for updates)
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Published: 06 Dec 2023, 07:13 PM IST