IRCON dips 7% as govt begins to offload up to 16% stake via OFS

Shares of IRCON International Ltd, on Wednesday, fell 6.7 per cent to Rs 91.30 on the BSE after the company announced offer for sale (OFS) for up to 16 per cent government stake at a floor price of Rs 88 per share, which opened today for non-retail investors and will open for retail investors tomorrow. The floor price of Rs 88 is at a 10 per cent discount over IRCON's closing price of Rs 97.85 on Tuesday.

The base issue size of the OFS is 10 per cent or over 4.70 crore equity shares, with a green-shoe option to retain