You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

IRCON International ends flat as OFS concludes

Capital Market 

IRCON International ended 0.16% higher at Rs 91.25 on the BSE today, after the company's offer for sale (OFS) concluded on Thursday, 4 March 2021.

The Government of India initially offered to sell over 4.70 crore shares, constituting 10% paid-up share capital of the company, through the OFS. The floor price for the OFS was set at Rs 88 per equity share, at a 10.07% discount to IRCON's closing price of Rs 97.85 on Tuesday, 2 March 2021.

The OFS opened on Wednesday (3 March 2021) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Thursday (4 March 2021).

On Wednesday (T day), the OFS received subscription for 10,84,93,968 shares or 329.59% against the base non-retail offer size of 3,29,18,051 shares.

Following the strong response on T day, the government decided to exercise the oversubscription option of 2,82,15,473 shares (6% equity) in addition to the base offer. Accordingly, the final share sale was 7,52,41.260 shares, constituting 16% of the paid-up equity share capital of IRCON International.

As per the latest shareholding pattern, Government of India held 89.18% stake in IRCON International as of 31 December 2020.

As on 15:30 IST on Friday (T+1 day), the OFS received total bids for 4,65,41,711 shares or 206.19% of the total enhanced retail offer size of 2,25,72,378 shares.

The retail segment received bids for 2,20,42,911 shares or 97.65% of the total retail offer size.

The non-retail segment received bids for 2,44,98,800 shares or 108.53% of the total retail offer size.

IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways.

On a consolidated basis, the company's consolidated net profit declined by 28.3% to Rs 102.10 crore on a 11.7% rise in net sales to Rs 1353.03 crore in Q3 FY21 over Q3 FY20.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, March 04 2021. 16:26 IST