The government is planning to sell up to 8 per: The Indian government, currently holding a big 73.18 percent in the engineering and construction game, plans to share 8 percent, expecting around 11.59 billion rupees in return.
The government wants to sell 8 percent of a company called IRCON International next week, as mentioned in their official paperwork. They’ll start by selling 4 percent, with an option for another 4 percent if lots of people want in, according to Reuters. More info about The government is planning to sell up to 8 per of its stake in IRCON through an Offer for Sale (OFS), sets floor price.
The government is planning to sell up to 8 per
This whole thing is set for December 8, happening through a special trading window on stock exchanges. The Economic Times spilled the beans on the starting price, which is Rs 154—about 10 percent less than the recent market price. Big investors can submit their bids on December 7, while everyday investors get their chance on December 8.
With a firm grip of 73.18 percent on the engineering and construction company, the Indian government aims to sell 8 percent, expecting to make around 11.59 billion rupees (9.11 million), based on what Reuters says.
In the money year 2023-24, the Central government made 88.59 billion rupees selling shares in public companies, falling short of the goal of 510 billion rupees.
IRCON, a company owned by the government, specializes in building stuff like railways and highways. They’re pretty good at it.