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.
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