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The shares of Ircon International slumped 7 per cent in the morning trade on Wednesday as the Government's 10 per cent stake sale via offer-for-sale (OFS) opened today at a sharp.discount.
The floor price has been fixed at ₹88 a share, against Tuesday's closing price of ₹97.85.
At 12:38 pm, Ircon was trading at ₹91.35 on the BSE, down ₹6.50 or 6.64 per cent. It hit an intra-day high of ₹93 and an intra-day low of ₹90.60 after opening at ₹93.
On the NSE, it was trading at ₹91.30, down ₹6.60 or 6.74 per cent.
The OFS by the Centre in Ircon International opens today for non-retail investors and on Thursday for retail investors.
The Government would divest 10 per cent equity of the company through the OFS (base issue) with a green shoe option to sell an additional 6 per cent stake. The Union Government proposes to sell up to 4.70 crore shares of the company (base issue) and 2.82 crore shares (green shoe option). It aims to raise at least ₹413 crore through the stake sale.
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