Ircon International surges on planning to raise funds by issuing fresh equity shares

20 May 2019

Ircon International is currently trading at Rs. 386.30, up by 4.75 points or 1.24% from its previous closing of Rs. 381.55 on the BSE.

The scrip opened at Rs. 391.90 and has touched a high and low of Rs. 391.90 and Rs. 384.90 respectively. So far 973 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 470.00 on 17-Dec-2018 and a 52 week low of Rs. 338.00 on 25-Oct-2018.

Last one week high and low of the scrip stood at Rs. 402.00 and Rs. 374.60 respectively. The current market cap of the company is Rs. 3644.97 crore.

The promoters holding in the company stood at 89.18%, while Institutions and Non-Institutions held 5.23% and 5.58% respectively.

Ircon International is planning to raise funds by issuing fresh equity shares, piggybacking on the government's proposal to dilute its stake to 75% through follow-on public offer route. The government, which holds 89.18% stake in Ircon International, is required to bring it down to 75% under the Sebi's minimum public shareholding norms.

In view of the proposal of Ircon to raise funds through fresh equity issuance, it has been decided to keep in abeyance the Offer For Sale (OFS) decision of the government. Once the Cabinet approves the proposal, an FPO would be launched for lowering government stake and issuing fresh equity by the company.

Ircon International is an integrated Indian engineering and construction company, specializing 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.

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SEBI Registered: Investment Adviser - INA000013323