Centre to sell up to 8% stake in IRCON, to raise ₹1,100 crore - Hindustan Times
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Centre to sell up to 8% stake in IRCON, to raise 1,100 crore

PTI |
Dec 07, 2023 11:00 AM IST

The government will sell about 7.53 crore equity shares, representing 8 per cent in the railway PSU at a floor price of ₹154 a piece.

The government will sell upto 8 per cent stake in IRCON through an offer for sale beginning on Thursday, which will help mop up about 1,100 crore.

The government currently holds 73.18 per cent in IRCON, an engineering and construction firm.(file)
The government currently holds 73.18 per cent in IRCON, an engineering and construction firm.(file)

"Offer for Sale in IRCON opens tomorrow (Thursday) for non-retail investors. Retail investors can bid on Friday. Govt. would divest 8 per cent equity, including greenshoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a post on X.

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The government will sell about 7.53 crore equity shares, representing 8 per cent in the railway PSU at a floor price of 154 a piece.

The OFS, if fully subscribed, would fetch about 1,100 crore to the exchequer.

The government currently holds 73.18 per cent in IRCON, an engineering and construction firm.

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

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