Latest News | Govt to Sell Upto 8 Pc in IRCON, to Raise Rs 1,100 Crore

New Delhi, Dec 6 (PTI) The government will sell upto 8 per cent stake in IRCON through an offer for sale beginning on Thursday, which will help mop up about Rs 1,100 crore.

"Offer for Sale in IRCON opens tomorrow (Thursday) for non-retail investors. Retail investors can bid on Friday. Govt. would divest 8 per cent equity, including greenshoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a post on X.

Also Read | ESIC Admit Card: Entry Card for Paramedical Group C Recruitment Exam 2023 Released on esic.gov.in, Know How to Download.

The government will sell about 7.53 crore equity shares, representing 8 per cent in the railway PSU at a floor price of Rs 154 apiece.

The OFS, if fully subscribed, would fetch about Rs 1,100 crore to the exchequer.

Also Read | Dr BR Ambedkar Death Anniversary 2023: Here Are Some Key Facts About Chief Architect of Indian Constitution on Mahaparinirvan Diwas.

The government currently holds 73.18 per cent in IRCON, an engineering and construction firm.

So far in the current fiscal, the government has raised Rs 8,859 crore by selling minority stake in CPSEs. The Budget has set a target of Rs 51,000 crore to be mopped up from PSU disinvestment.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)