IRCON International stock down by 6.7% as company announced OFS (Offer for sale) up to 4.70 crores shares with option of additional sell of 2.82 lakhs shares with floor price of Rs88.
Promoter of the company “Ministry of Railways, Government of India” coming up with OFS of 10% of total issued equity share capital, promoter has an option to sell additional 6% so total OFS could be 16% of equity share capital.
Company fixed OFS has a cutoff date for Non-retail investors 3rd March 2021 and 4th March 2021 for Retail investors.
30% of OFS has been reserved for Retail investors. Company has fixed the floor price of Rs 88 for OFS which is a discount of 3.7% from CMP of 91.35. Retail investors can apply in this OFS for long term prospective, we are not expecting any major gain in this OFS along with this there is no retail discount also.
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