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Centre to sell up to 8% stake in state-run IRCON International this week

The government owns 73.18% in the engineering and construction company, and the 8% stake sale will help the government to raise about 11.59 billion rupees ($139.11 million)

Divestment, privatisation, stake sale, disinvestment

The floor price for the sale has been set at 154 rupees a share.

Reuters NEW DELHI

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The Indian government will sell up to an 8% stake in state-run IRCON International this week, the company said in an exchange filing.

The plan includes selling 4% of the company, with an option to sell an additional 4% if the offer is oversubscribed, the filing showed.

The floor price for the sale has been set at 154 rupees a share, a discount of about 10.5% to the stock's closing price on Wednesday.

The Indian government owns 73.18% in the engineering and construction company, and the 8% stake sale will help the government to raise about 11.59 billion rupees ($139.11 million).

 

The federal government has so far collected 88.59 billion rupees by selling shares in public sector units in 2023/24, compared with a target of 510 billion rupees.

 

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Dec 06 2023 | 7:45 PM IST

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