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IRCON Intl settles flat as OFS concludes
08-Dec-23 17:47Hrs IST

Through the OFS, the Government of India proposed to sell up to 3,76,20,629 equity shares (representing 4% stake), with an oversubscription option of an additional 4% stake or 3,76,20,629 equity shares.

The floor price for the sale was set at Rs 154, a 10.47% discount to the stock's closing price of Rs 172 on Wednesday, 6 December 2023.

The total OFS size (base size + green shoe) stood at 7,52,41,258 shares, representing 8% of outstanding equity shares of the company, the value of which (at floor price) aggregated to Rs 1,158.71 crore.

The Government of India held 73.18% stake in IRCON Intl as of 30 September 2023.

The OFS opened on 7 December 2023 (T-day), where only non-retail investors were allowed to bid for the shares. On 8 December 2023, (T+1 day), the OFS was accessible for retail investors and those non-retail investors who chose to carry forward their un-allotted bids from T day.

On T day, the OFS received subscription for 15,66,21,977 shares as against the non-retail category offer size of 6,77,17,132 shares.

On T+1 day, the OFS received total bids for 3,14,57,614 shares as against the retail category offer size of 75,24,126 shares.

IRCON International is a public sector construction company, with emphasis on infrastructure projects, with specialization in execution of Railway projects on turnkey basis and otherwise. After commencing business as a railway construction company, it diversified progressively to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as metro rail works.

The company's consolidated net profit jumped 43.9% to Rs 250.73 crore on 33.4% rise in net sales to Rs 2,986.83 crore in Q2 FY24 over Q2 FY23.

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