IRCON Offer For Sale: The central government is coming up with an offer for sale to sell its 8 percent stake in the public sector company IRCON International Limited. This offer for sale will open on Thursday, December 7, 2023, in which non-retail investors will be able to participate. Whereas retail investors will be able to bid in this OFS on Friday 8th December. The government has fixed the floor price for IRCON's offer for sale at Rs 153 per share.
In the regulatory filing submitted to the exchange, IRCON International has said that on December 7, 2023, the non -Retail investors will be able to bid for a total of 4 percent i.e. 3,76,20,629 shares under the Offer for Sale. Whereas on December 8, retail investors will also be able to bid for the same number of shares. Employees of the company can apply for shares up to Rs 2 lakh. DIPAM i.e. Secretary of the Department of Investment and Public Asset Management has also posted on social media platform X regarding IRCON's offer for fall sale.
Offer for Sale in IRCON opens tomorrow for Non Retail investors. Retail investors can bid on Friday. Govt. would divest 8% equity including Green Shoe option. pic.twitter.com/AiXTqnxQLj
— Secretary, DIPAM (@SecyDIPAM) December 6, 2023
The floor price of Rs 154 has been fixed for IRCON's offer fall sale. The closing price will be Rs 171.95 per share or 10.43 percent at the close of the stock market on Wednesday, December 6. It is at a discount of Rs. In recent times, it has been seen that whenever the government brings an offer for sale of any company, there is a big fall in the stock the next day and the share falls to the floor price.
Last year. IRCON shares have given multibagger returns to investors. A year ago the stock was trading around Rs 49. Since December 2022, the stock has given multibagger returns of 258 percent from its low. The stock has given a return of 300 percent in 5 years.
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