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The share sale launched by the government in Ircon International to divest 16 per cent saw more demand than shares on offer. The 75.24-million offer for sale (OFS) generated bids for 108.5 million shares from institutional investors. Another 22.6 million shares reserved for retail investors will be auctioned on Thursday. The base price of the OFS is Rs 88 per share. Shares of Ircon fell 7 per cent to end at Rs 91.1 in the secondary market. After the share sale, the government’s stake in Ircon will drop from 89.18 per cent at present to 73.18 per cent.
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