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Railway PSU IRCON's OFS gets 2.5 times bids

Economic Times Print Edition  

The offer for sale (OFS) of state-owned IRCON International was subscribed 2.5 times on Friday, the second and final day of the offer. Bids came for 188.1 million shares as against a total of 75 million shares that were on offer. The retail investor portion was subscribed three times. The bids came at an indicative price of INR 158.70 against the floor price of INR 154. This 8% stake sale will help the government raise about INR 1,159 crore. Ircon (Indian Railway Construction International Ltd) is an engineering and construction corporation that specialises in transport infrastructure. The public sector undertaking (PSU) was established in 1976. The government holds 73.18 % equity in the company.