Govt to sell upto 8% in IRCON, to raise Rs 1,100 crore

Govt to sell upto 8% in IRCON, to raise Rs 1,100 crore

The government will sell upto 8% stake in IRCON through an offer for sale beginning on December 7, which will help mop up about Rs 1,100 crore.

”Offer for Sale in IRCON opens tomorrow (December 7) for non-retail investors. Retail investors can bid on December 8. 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.  The government will sell about 7.53 crore equity shares, representing 8 per cent in the railway PSU at a floor price of Rs 154 apiece. The OFS, if fully subscribed, would fetch about Rs 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 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. PTI JD TRB TRB