The Union Government of India is planning to sell its 15 percent stake in IRCON International Limited Company. According to the officials, the sale of the stake will be conducted through an offer-for-sale of shares. The government will hold a 74.18 percent stake in the company after the sale, currently holding an 89.18 percent stake.
”We are planning for IRCON OFS by December depending on market conditions. The stake on offer would be between 10-15 percent, ”the official said. After this announcement by the company its NSE shares were trading at Rs 77.85 with an increment of Rs 1.55 and were high by 2.03 percent on the market closening on Friday.
Indian Railway Construction Limited (IRCON), is an engineering and construction organization, specialized in transport infrastructure. IRCON is a leading construction company having widespread across the globe. The company has completed more than 300 projects in India and over 100 projects in 21 countries across the globe.
The government would raise about Rs 540 crores if it sales its 15 percent stake at the current market price. However, the government aims to raise about Rs 2.10 lakh crore through its disinvestment plans in the current fiscal. The capital includes Rs 1.20 lakh crore from Central Public Sector Enterprise (CPSE) and Rs 90,000 crore from the sale of government stake in financial institutions.
While working on the plan, the government has already raised Rs 6,138 crore from selling a minority stake in CPSE. The government also aims to sell some stake in PSUs like Bharat Petroleum Corporation Ltd (BPCL), Indian Railway Catering and Tourism Corp Ltd (IRCTC), and Rail Vikas Nigam Ltd (RVNL) through offer-for-sale of shares.