Ircon share price slumps over 8% on day 1 of OFS; government to divest up to 8% stake
Ircon International share price slumped over 8% on Thursday's session following the opening of the two-day offer for sale (OFS) today. The engineering and construction company said in an exchange filing on Wednesday that the central government plans to sell up to 8% of its stake in IRCON International through an OFS, with a floor price set at ₹154 per share, as previously reported by Mint.
The company, of which the government owns 73.18%, will raise approximately ₹1,159 crore with the sale of its 8% stake. The plan calls for the government to sell 4 percent of the company's shares.
In addition, 4% more would be sold in the event that the offer is exceeded. Ircon share price today opened at ₹157.95 apiece on BSE.
This year so far, Ircon Intl share price jumped by 179%. Ircon share price touched an intraday low of ₹157.50 and an intraday high of ₹159.90.
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