IRCON OFS: The offer for sale of IRCON International has received a strong response from institutional investors. On Friday 8th December, retail investors will be able to apply in the offer fall sale. On Thursday, more than 100 percent subscription was received for the fixed quota of institutional investors. Institutional investors have bid for shares worth Rs 2,400 crore in OFS.
The government is going to sell 8 percent of its stake in IRCON through offer for sale in which 7.53 crore equity shares have been offered. The government has fixed the offer price of Rs 154 per share in IRCON's offer for sale. Non-retail investors bid for more than 15.66 crore shares on Thursday, while more than 3.38 crore shares were reserved for them. The indicative price of the bid was Rs 157.24. The government currently holds 73.18 percent stake in IRCON.
Offer for Sale in IRCON received enthusiastic response from non-retail investors today. The issue was subscribed 4.63 times of the base size. Govt has decided to exercise the green shoe option. Retail investors get to bid tomorrow. pic.twitter.com/bGtZ1pE29U
— Secretary, DIPAM (@SecyDIPAM) December 7, 2023
By the way, a big fall was seen in the stock of IRCON International on Thursday. The stock fell by 6.51 percent to Rs 160.75. It is believed that the stock has declined due to the discount price being fixed at Rs 154. Its impact was also seen on IRCTC and rights in other railway shares. In recent times, it has been seen that whenever the government brings an offer for sale of any company, the next day there is a big fall in the stock and the share falls to the floor price. In the last one year, IRCON shares have given multibagger returns to investors. In the budget for the financial year 2023-24, a target has been set to raise Rs 51,000 crore from disinvestment of public enterprises.
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