Govt to sell 8% stake in IRCON International through OFS
IRCON International through an offer for sale (OFS), which opens on Thursday.
The government will offload about 3.76 crore shares, which represents 4% stake through the OFS, and in the case of oversubscription, an additional 4% stake will be under sale.
The offer for sale will take place on December 8 through a separate window on the stock exchanges.
The floor price of the offer is fixed at Rs 154, which is nearly 10% discount to the last traded price.
As of September-end, the government holds 73.18% stake in the company.
Non-retail investors can place their bids on December 7, which is the T day, and retail investors can participate in the OFS on December 8 (T+1).
The non-retail investors may indicate their willingness to carry forward their unallotted bids to T+1 day for allocation to them in the unsubscribed portion of the retail category.
The allocation will be at or above the floor price on price priority basis, except in case of retail investors, who will have an option to bid at or above the cut-off price.
MOre to come....
