New Delhi: The Government's share sale in IRCON was oversubscribed, with investments from both institutional and retail investors, and it will help the exchequer garner about Rs 1,100 crore.
The government is selling about 7.53 crore equity shares, representing 8 percent of the railway public sector unit (PSU) at a floor price of Rs 154 apiece through a two-day offer for sale (OFS).
Public Sector's voice PSU Watch is now on Whatsapp Channels. Click here to join
The share sale would fetch about Rs 1,100 crore to the exchequer.
"The second day of IRCON OFS closed with good interest from retail investors with 3.01 times subscription," the Department of Investment and Public Asset Management (DIPAM) Secretary said in a post on X (formerly Twitter) on Friday.
On Thursday, institutional investors put bids for over 15.66 crore shares of IRCON International worth Rs 2,400 crore, over-subscribing the portion reserved for them 4.63 times.
Currently, the government holds 73.18 percent in IRCON, an engineering and construction firm.
Shares of IRCON closed at Rs 160.75 per piece, unchanged over Thursday's close on BSE.
So far in the current fiscal, the government has raised Rs 8,859 crore by selling a minority stake in CPSEs. The budget has set a target of Rs 51,000 crore to be mopped up from PSU disinvestment.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)