Ircon OFS: Shares of the company fell as much as 9 percent today.
Ircon OFS: The central government is set to sell its stake in the state-owned company. 8 percent stake in railway related company IRCON International is to be sold. Shares of Ircon International fell as much as 9 percent today.
The reason behind this is that the Government of India is selling 8 percent i.e. 7.52 crore shares in IRCON International through OFS (Offer-for-Sale) of the company between December 7 and 8. Hence RCON shares opened this morning with a fall of 157.95 on BSE and 158 on NSE.
Ircon International’s share price has almost doubled in the last 6 months. The stock has gained more than 165 percent in a year. Shares of IRCON International hit a 52-week high of 179.90 on BSE and 180 on NSE.
• About Rs 1,100 crore will come to the exchequer
If the sale is successful, the exchequer will infuse around Rs 1,100 crore. The government currently holds 73.18 percent stake in railway engineering and construction company IRCON.
In the current financial year, the government has so far raised Rs 8,859 crore by selling stake in central public sector undertakings. Budget 2023-24 targets to raise Rs 51,000 crore through disinvestment of public sector enterprises.
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