Shares of IRCON International fell as much as seven per cent on Wednesday after the government announced that it will sell 10 per cent stake in the company through offer for sale (OFS). On Wednesday, IRCON international opened at Rs 93 on the BSE, touching an intra day high of Rs 93.25 and a low of Rs 90.60. Currently, the government holds a 89.18 per cent stake in IRCON International Limited. Earlier, the government had revealed its plans to sell up to 15 percent of its stake in the railway engineering company through the offer for sale route. (Also Read: Centre Plans To Sell Up To 15% Stake In Indian Railway PSU IRCON )
IRCON International was formerly known as Indian Railway Construction Limited and is an engineering and construction organisation. IRCON specialized in transport infrastructure. The public sector undertaking (PSU) was established in 1976. The government is also in the process of selling a stake in Indian Railway Catering and Tourism Corp Limited as well as the Rail Vikas Nigam Limited through the offer-for-sale of shares.
At 3:10 pm, shares of IRCON International traded 6.29 per cent lower at Rs 91.70 on the BSE.