The Indian government will sell 16% stake in Ircon International via offer for sale. The issue will be opened on Wednesday for non-retail investors and on Thursday for retail investors.
The Floor price has fixed at ₹88 a share, 10% discount from its today’s closing. At the floor price, a 16% stake would fetch nearly Rs656 crore to the exchequer.
On Tuesday the scrip closed at ₹97.85 on BSE, up 1.87% from its previous close. The base issue size of the OFS is 10% or over 4.70 crore equity shares, with a green-shoe option to retain over-subscription of 6% or over 2.82 crore shares.
Currently, the government holds 89.18% stake in the firm.
The article was first published on livemint.com