Shares of Ircon International Ltd. closed on Wednesday with losses of over 7% after the government announced plans to hold a stake in the railway unit. On the BSE, the dividend was 6.9%, to close at 91.1. The stock closed at 90.8, down 7.25% on the National Stock Exchange.
Dipam Secretary Tuhin Kanta Pandey tweeted on Tuesday, “The offer for sale in 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 over 10% or 4.70 crore equity shares, with a green-shoe option 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 more than 7.52 crore. 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.