Highlights

  • Government to sell 7.53 crore equity shares constituting 8% of stake in IRCON
  • Looking to raise about Rs 1,100 crore
  • Government currently holds 73.18% in IRCON

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

Government which holds 73.18% stake in IRCON is looking to sell 7.53 crore equity shares constituting 8% of stake to raise Rs 1,100 crore. The offer for sale will be open for non-retail investors on Thursday and for retail investors on Friday

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

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%


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