IRCON International shares in focus as OFS to kick off today; floor price, other key details
IRCON International said non-retail investors can participate in the OFS on December 7. Retail investors, and non-retail investors-- who choose to carry forward their unallotted bids, can participate in the issue on December 8, Friday.
- Dec 7, 2023,
- Updated Dec 7, 2023 9:18 AM IST
Shares of multibagger IRCON International Ltd will be in focus, as the two-day offer for sale (OFS) opens on Thursday. The President of India, acting through and represented by the Ministry of Railways, government of India is the promoter of IRCON International. The floor price of the offer is set at Rs 154, which was at 10.46 per cent discount to Rs 172. The stock is up 188 per cent in 2023 so far.
The IRCON promoter is looking to sell up to 3,76,20,629 shares of face value of Rs 2 each, representing 4 per cent of the total issued and paid-up equity share capital of the company. Non-retail investors can participate in the OFS on December 7. Retail investors, and non-retail investors-- who choose to carry forward their unallotted bids, can participate in the issue on December 8, Friday.
The promoter of IRCON International OFS may look to additionally sell 3,76,20,629 shares (representing 4 per cent of the total issued and paid-up equity share capital of the company in the event of oversubscription. In such a case, the offer would constitute 8 per cent of total paid-up capital.
Promoter owned 73.18 per cent stake in IRCON International as on September 30.
"Such number of shares as would be equivalent to up to 0.50 per cent of the paid-up equity capital subsequent to completion of the Offer and may be offered to eligible and willing employees of the company subsequent to completion of the offer in accordance with the terms and conditions provided in OFS Guidelines, subject to approval from the competent authority. The employees will be eligible to apply for equity shares up to Rs 2,00,000," IRCON International said.
Provided that in the event of under-subscription in the employee portion, the unsubscribed portion may be allotted on a proportionate basis, for a value in excess of Rs 2,00,000, subject to the total allotment to an employee not exceeding Rs 5,00,000, the PSU told stock exchanges.
IRCON International said the offer would take place during trading hours on a separate window of the stock exchanges on T Day, i.e., December 7, 2023 commencing at 9:15 a.m. and would close on the same date at 3:30 p.m. Indian Standard Time.
"Those non-retail investors who have placed their bids on T Day and have chosen to carry forward their unallotted bids to T+1 Day, shall be allowed to carry forward for allocation to them in the unsubscribed portion of retail category and also revise their bids on T+1 as per the OFS Guidelines," IRCON International said.
Shares of multibagger IRCON International Ltd will be in focus, as the two-day offer for sale (OFS) opens on Thursday. The President of India, acting through and represented by the Ministry of Railways, government of India is the promoter of IRCON International. The floor price of the offer is set at Rs 154, which was at 10.46 per cent discount to Rs 172. The stock is up 188 per cent in 2023 so far.
The IRCON promoter is looking to sell up to 3,76,20,629 shares of face value of Rs 2 each, representing 4 per cent of the total issued and paid-up equity share capital of the company. Non-retail investors can participate in the OFS on December 7. Retail investors, and non-retail investors-- who choose to carry forward their unallotted bids, can participate in the issue on December 8, Friday.
The promoter of IRCON International OFS may look to additionally sell 3,76,20,629 shares (representing 4 per cent of the total issued and paid-up equity share capital of the company in the event of oversubscription. In such a case, the offer would constitute 8 per cent of total paid-up capital.
Promoter owned 73.18 per cent stake in IRCON International as on September 30.
"Such number of shares as would be equivalent to up to 0.50 per cent of the paid-up equity capital subsequent to completion of the Offer and may be offered to eligible and willing employees of the company subsequent to completion of the offer in accordance with the terms and conditions provided in OFS Guidelines, subject to approval from the competent authority. The employees will be eligible to apply for equity shares up to Rs 2,00,000," IRCON International said.
Provided that in the event of under-subscription in the employee portion, the unsubscribed portion may be allotted on a proportionate basis, for a value in excess of Rs 2,00,000, subject to the total allotment to an employee not exceeding Rs 5,00,000, the PSU told stock exchanges.
IRCON International said the offer would take place during trading hours on a separate window of the stock exchanges on T Day, i.e., December 7, 2023 commencing at 9:15 a.m. and would close on the same date at 3:30 p.m. Indian Standard Time.
"Those non-retail investors who have placed their bids on T Day and have chosen to carry forward their unallotted bids to T+1 Day, shall be allowed to carry forward for allocation to them in the unsubscribed portion of retail category and also revise their bids on T+1 as per the OFS Guidelines," IRCON International said.