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IRCON Shares Fall 7% As Govt Starts Offloading Stake Via OFS
On Wednesday, shares of IRCON International Ltd slipped 6.7% to an intraday low of Rs 90.60 on NSE after the company announced an offer for sale (OFS) for up to 16% government stake at a floor price of Rs 88 per share. The stake sale has opened for non-retailer investors on Wednesday and will be open for retail investors on Thursday.
The floor price for the offer is set at Rs 88, a 10% discount over the closing price of Rs 97.85 on Tuesday. The base issue size of the OFS is 10% or over 4.70 crore equity shares, with a green-shoe option to retain over-subscription of 6% or over 2.82 crore shares.
The total issue size, including a green-shoe option, comes to 16% or over 7.52 crore shares. At the floor price, a 16% stake sale would fetch over Rs 600 crore to the exchequer.
The government holds an 89.18% stake in IRCON, which is under the Railways Ministry and into the construction of transportation infrastructure.
IRCON's revenue from operations increased 29% sequentially for the December-ended quarter to Rs 1,244 crore, while profit after tax stood at Rs 103 crore, up 35%. As of 31 December 2020, the company's total order book stood at Rs 32,814 crore.
