Indian govt to sell up to 8% stake in IRCON (updated)

Ircon International

06/12/2023 13:42

(Adds details)
       NEW DELHI, Dec 6 (Reuters) - The Indian government will
sell up to an 8% stake in state-run IRCON International
 IRCN.NS  this week, the company said in an exchange filing.
        The plan includes selling 4% of the company, with an
option to sell an additional 4% if the offer is oversubscribed,
the filing showed.
  
       The floor price for the sale has been set at 154 rupees a
share, a discount of about 10.5% to the stock's closing price on
Wednesday.
  
       The Indian government owns 73.18% in the engineering and
construction company, and the 8% stake sale will help the
government to raise about 11.59 billion rupees  ($139.11
million).
  
        The federal government has so far collected 88.59
billion rupees by selling shares in public sector units in
2023/24, compared with a target of 510 billion rupees.
  

    ($1 = 83.3140 Indian rupees)
  


 (Reporting by Nikunj Ohri, Editing by Louise Heavens and Sharon
Singleton)
 ((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters
Messaging: twitter.com/nikunj_ohri))