Government looking to raise Rs 1,100 crore by selling 8% stake in IRCON

Updated : Dec 07, 2023 14:47
|
Editorji News Desk

The government will sell upto 8% stake in  Indian Railway Construction International Limited (IRCON) through an offer for sale beginning on Thursday. Through this the government is looking to raise about Rs 1,100 crore

IRCON Stake Sale

The government will sell about 7.53 crore equity shares at a floor price of Rs 154 apiece. The government currently holds 73.18% in IRCON. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey posted in X (formerly Twitter) that the offer for sale opens for non-retail investors on Thursday and on Friday for retail investors.

As per PTI, 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.

Also Watch: $5 Billion Deep-Sea Project: ONGC to start oil production in Krishna Godavari basin

Meanwhile, the IRCON shares fell as much as 8.37% on thursday during the early trade, the lowest since Nov. 17. On a year-to-date basis, the stock has risen 166.28%

 

 

Shares

Recommended For You

editorji | Business

Sensex falls 429 points, Nifty slips 173 points after RBI rate hike

editorji | Business

RBI raises repo rate by 25 bps to 5.50%, shifts policy towards tightening

editorji | Business

GST rates likely unchanged as 57th Council meeting focuses on reforms

editorji | Business

Sensex gains 685 points, Nifty rises 220 points to cross 22,700

editorji | Business

Sensex gains 473 points, Nifty rises 134 points as markets stage recovery