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.