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Disinvestment: Govt will divest 10% in Ircon International via IPO to raise Rs 467 crore

The government is now set to divest around 10 percent in its railway subsidiary Ircon International, to raise around Rs 467 crore, through an initial public offering (IPO)

Disinvestment: Govt will divest 10% in Ircon International via IPO to raise Rs 467 crore
Disinvestment: Govt will divest 10% in Ircon International via IPO to raise Rs 467 crore

New Delhi: To meet the divestment target of Rs 80,000 crore in this Financial Year, the government is now set to divest around 10 per cent in its railway subsidiary Ircon International, to raise around Rs 467 crore, through an initial public offering (IPO). The price band has been fixed between Rs 470 to Rs 475 per equity share for its proposed initial public offer (IPO).

The IPO involves an offer for sale of 9,905,157 equity shares by the government, and the issue proposes to open on September 17 and close on September 19. The shares will be listed on BSE and NSE.

“The company has an order book of Rs 22,406 crore as on March 2018. We see a lot of opportunities in infrastructure projects including, railways, highways, bridges, flyovers and tunnels,” Ircon International chairman Sunil Kumar Chaudhary said.

This is the second IPO from the railways this year. In June, railway consultancy firm RITES had made a successful IPO.

“The company has an order book of Rs 22,406 crore as on March 2018. We see lot of opportunities in infrastructure projects including, railways, highways, bridges, flyovers and tunnels,” Ircon International chairman Sunil Kumar Chaudhary said.

Ircon International is an integrated Indian engineering and construction company, specialising in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities.

ALSO READ: IRCON completes Rs 750 crore Kharsia-Dharamjaigarh project in Chhattisgarh

The company commenced operations in 1976 and provides EPC services on a fixed-cum turnkey basis as well as on an item-rate basis for various infrastructure projects. It also executes on the build, operate and transfer mode in various projects in order to meet the requirements of its bids. It has five overseas offices in Sri Lanka, Bangladesh, Malaysia, South Africa and Algeria to provide onsite support for its overseas projects.

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