Government Set To Divest 10% in IRCON International to Raise Rs 467 Crore

Government Set To Divest 10% in IRCON International to Raise Rs 467 Crore

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Date of Post: 08 Sep, 2018

New Delhi: The government is set to divest around 10% in its railway subsidiary IRCON International, to raise around Rs 467 crore. The company has fixed the price band between Rs 470 to Rs 475 per equity share for its proposed IPO (Initial Public Offer).

The IPO is comprising an offer for sale of 9,905,157 equity shares by government, and the issue proposes to open on September 17 and close on September 19.

More Information:

  • The equity shares will be listed on BSE & NSE.
  • In June, railway consultancy firm RITES made successful IPO.
  • In the first 3 months of the current fiscal, the government has raised about Rs 9,000 crore via Bharat-22 ETF and RITES stake sale.
  • The government has targeted to raise Rs 80,000 crore from PSU disinvestment in current fiscal, lower than over Rs 1.03 lakh crore last fiscal.
  • Ircon International chairman Sunil Kumar Chaudhary said,”The company has an order book of Rs 22,406 crore as on March 2018. We see lot of opportunities in infrastructure projects including, railways, highways, bridges, flyovers and tunnels.”
  • Between April 2015 and December 2017, we have completed 6 railway projects, including construction of new rail lines, rehabilitation/conversion of existing lines, station building and facilities, bridges, replacement of railway bridges, tunnels, signalling, telecommunication networks and railway electrification, Chaudhary said.

About Ircon International

  • Ircon International, which commenced operations in 1976, is an integrated Indian engineering and construction company, specialising in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities.
  • The company provides EPC services on a fixed-cum turnkey basis as well as on an item-rate basis for various infrastructure projects.
  • It also executes on build, operate and transfer mode in various projects in order to meet the requirements of its bids.
  • It has 5 overseas offices in Sri Lanka, Bangladesh, Malaysia, South Africa and Algeria to provide onsite support for its overseas projects.

To know more about recent developments of Indian Railways-

07 Sep, 2018 : Indian Railways has provided WiFi at 710 stations with high speed: Piyush Goyal

07 Sep, 2018 : Ministry of Railways organises seminar on ‘Leveraging IT for Mobility’

06 Sep, 2018 : Upgraded DEMU Train Flagged Off Between Karwar and Pernem


Author:

Narinder Sharma is a part of the content team of Rail Analysis India as a writer and marketing executive.
His interest is in the Railways , Metro and Transportation Sector of India .
Please reach us at editor@railanalysis.com for more information .


 

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