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IRCON OFS over-subscribed on day 1

·1-min read

New Delhi, Mar 3 (PTI) The Offer for sale (OFS) of IRCON was over-subscribed on the first day of issue by institutional investors.

The government is selling up to 16 per cent stake at a floor price of Rs 88 a share in railway PSU IRCON.

The issue will open for retail investors on Thursday.

The base issue size of the OFS is 10 per cent or over 4.70 crore equity shares, with a green-shoe option to retain over-subscription of 6 per cent or over 2.82 crore shares.

The total issue size, including a greenshoe option, comes to 16 per cent or over 7.52 crore shares.

“Offer for Sale of Govt shares in IRCON got a great response on day one. Issue subscribed 3.3 times of base size at a clearing price above the floor price by non-retail investors,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

He said the government has decided to exercise the greenshoe option.

The government holds an 89.18 per cent stake in IRCON, which is under the Railways Ministry and into the construction of transportation infrastructure.

Shares of IRCON closed at Rs 91.10, down 6.90 per cent over the previous close.

The government has set a disinvestment target of Rs 32,000 crore in the Revised Estimates for the current fiscal. So far, it has realised Rs 20,626 crore through minority stake sale in CPSEs and share buybacks. PTI JD SHW SHW