 "Indian Railways cancels 109 trains on Wednesday, August 17")
The government will sell up to an 8 per cent stake in IRCON International through an offer-for-sale, which will open on Thursday, the rail public sector undertaking said in an exchange filing.
The plan is to offload 37.6 million equity shares, of face value of Rs 2 each—representing 4 per cent of the company for non-retail investors on Thursday. There will be an option to sell an additional 4 per cent if the offer is oversubscribed the following day, in case of both retail and non-retail investors.
“Offer for Sale in IRCON opens tomorrow for Non-Retail investors. Retail investors can bid on Friday. Government would divest 8 per cent equity, including Green Shoe option,” DIPAM Secretary Tuhin Kanta Pandey said on X.
The floor price for the sale has been set at 154 rupees a share, a discount of about 10.5 per cent to the stock's closing price on Wednesday.
The Centre owns 73.18 per cent in the rail PSU. The stake sale will help the government to raise about 11.59 billion rupees.
The Centre has collected Rs 88.59 billion by selling shares in PSUs in the current financial year, way behind its target of Rs 510 billion.
