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The government currently holds 89.18 per cent stake in IRCON International Ltd.

This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on April 1.

The IPO received bids for 3,87,41,820 shares till 1:30 pm against 25,34,57,280 units on offer.

The issue, which ran from September 17 to September 19, was subscribed 9.77 times.

The offer for sale (OFS) received bids for 42,24,090 shares compared with the total issue of 9,905,157 shares.

The equity shares of these companies will be listed on BSE and NSE.

The IPO consists of entirely OFS of 0.99 crore shares by the Government of India.

The Union government plans to offload over 10.5 per cent of its stake in IRCON International to raise upto Rupees 467 crore.

The government is set to divest around 10 per cent in its railway subsidiary Ircon International, to raise around Rs 467 crore.

At the upper end of the price band of Rs 185 a scrip, the IPO would fetch around Rs 460 crore to the exchequer.

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