IRCON International OFS Opens Today: Govt To Sell 8% Stake In IRCON; Check Floor Price, Other Details Here

The share price of IRCON International Ltd will remain on investors' watchlist after the company informed via an exchange filing on Wednesday that the Government will offload up to 8% stake in IRCON via an offer for sale (OFS) beginning on December 7. Via this two-day OFS which will kick off today, the government is looking to mop up Rs 1,100 crore.

The President of India is the promoter of IRCON International. The floor price of the offer is set at Rs 154, down 10.46% compared to the last closing price of Rs 172. The IRCON stock price has gained 188% in this year so far.
The President of India, acting through and represented by the Ministry of Railways, Government of India" is the promoter of IRCON International Limited.

The IRCON promoter is aiming to offload around 3,76,20,629 shares of face value of Rs 2 each, representing 4% of the total issued and paid-up equity share capital of the company.

On December 6, the company said: "The Promoter (the "Seller") proposes to sell up to 3,76,20,629 Equity Shares of face value of Rs 2 each, representing 4% of the total issued and paid-up Equity Share capital of the Company ("Base Offer Size"), on December 7, 2023 ("T Day") (for non-Relail investors only) and on December 8, 2023 ('T+l Day") (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids) with an option to additionally sell 13,76,20,629 Equity Shares (representing 4% of the total issued and paid-up equity share capital of the Company) (the "Oversubscription Option" and in the event that the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will collectively hereinafter be referred to as "Offer Shares."

In case the Oversubscription Option is not exercised the Equity Shares forming part of the Base Offer Size will be referred to as "Offer Shares") through a separate, designated window of the BSE Limited and the National Stock Exchange of India Limited, collectively representing 8% of the total paid-up equity share capital of the Company as on September 30, 2023, in accordance with the OFS Guidelines.

Who can participate in IRCON OFS and the timetable of the OFS?

Non-retail investors can participate in the OFS on December 7. Retail investors, and non-retail investors-- who want to carry forward their unallotted bids, can participate in the issue on December 8, Friday.

The Offer shall take place on a separate window of the Stock Exchanges on December 7, 2023 (*T Day") and December 8, 2023 ("T+l Day"), from 9:15 a.m. to 3:30 p.m. (Indian Standard Time) on both days, as per details given below:

For non-Retail Investors: December 7, 2023 ("T Day")

Only non-retail Investors shall be allowed to place their bids on T Day, i.e., December 7, 2023. '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 the Retail Category (defined below). The Offer shall take place during trading hours on a separate window of the Stock Exchanges on T Day, i.e., December 7, 2023, commencing at 9:15 a.m. and Shall close on the same date at 3:30 p.m.

Indian Standard Time. Those non-retail Investors who have placed their bids on T Day and have chosen to carry forward their unallotted bids to T+l Day shall be allowed to carry forward for allocation to them in the unsubscribed portion of the Retail Category (defined below) and also revise their bids on T+1 any as per the OFS Guidelines.

For Retail Investors and for non-retail Investors who choose to carry forward their unallotted bids to December 8, 2023 (('T+l Day") the Offer shall continue to take place during trading hours on a separate window of the Stock Exchanges on T+l Day, i.e., December 8, 2023, commencing at 9: l5 a.m. and shall close on the same date at 3:30 p.m on the same date. Only Retail Investors shall be allowed to place their bids on T+l Day, i.e., December 8, 2023.

IRCON shares closed 0.81% lower at Rs 172 per share on Wednesday. In the last one year the returns from the stock have gained 188%.