The government holds 89.18 per cent stake in IRCON, which is under the Railways Ministry and into construction of transportation infrastructure.
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Tuesday tweeted: "Offer for Sale in IRCON opens tomorrow for Non Retail Investors. Day 2 for Retail Investors. Govt. would divest 10% equity with an additional 6% as Green Shoe option".
In a regulatory filing to stock exchanges, IRCON said the floor price for the offer shall be Rs 88 per equity share.
At the floor price, a 16 per cent stake would fetch over Rs 600 crore to the exchequer.
Shares of IRCON closed at Rs 97.85, up 1.87 per cent over the previous close on the BSE. The floor price of Rs 88 is at a 10 per cent discount over Monday's closing market price of IRCON.
The government has set a disinvestment target of Rs 32,000 crore in the Revised Estimates for the current fiscal. So far, it has realised Rs 20,626 crore through minority stake sale in CPSEs and share buy backs.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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