Government to sell 8% stake in IRCON via offer for sale. The floor price was fixed at 154/share, the engineering and construction company said in a stock exchange filing on Wednesday.

According to the plan, the government will sell 4% of the company shares. Moreover, an additional 4% would be sold if the offer is oversubscribed. The floor price for the sale has been set at 154 rupees a share. The set floor price is a discount of about 10.5% to the stock’s closing price on Wednesday. At present, the government owns a 73.18% stake in IRCON, and the 8% stake sale will help the government raise about 11.59 billion rupees ($139.11 million). So far, the federal government has collected 88.59 billion rupees by selling shares in public sector units in 2023/24, compared with a target of 510 billion rupees. IRCON OFS: Closing and opening dateThe offer will take place on a separate window of the stock exchanges under the T+1 period. The OFS will take place between 9:15 am and 3:30 pm on December 7, 2023 (T Day). The same will continue the next day as well during the same time. Only non-retail investors would be able to place their bids on December 7, ie T Day. “While placing their bids, non-retail investors may indicate their willingness to carry forward their unallotted bids to T+l Day for allocation to them in the unsubscribed portion of Retail Category (defined below),” said the company in its stock filing. Those non-Retail Investors who have placed their bids on December 7 and have chosen to carry forward their unallotted bids to December 8 (T+l Day), shall be allowed to carry forward for allocation to them in the unsubscribed portion of Retail Category (defined below) and also revise their bids on T+l Livemint tops charts as the fastest growing news website in the world to know more.