IRCON plummets seven per cent as OFS gets bumper response
Retail investors can still avail of Rs 6.75 discount on every share they bid under IRCON OFS against the floor price of Rs 154.
IRCON’s Offer For Sale (OFS) is underway. Friday, December 08, 2023, is the one and only day for retail investors to subscribe to the OFS. On Thursday, December 07, 2023, the first day of the OFS, non-retail investors were allowed to apply. The Rs 1,200 crore stake sale process received bumper response from this segment. The non-retail quota was subscribed more than four times its size. Retail investors can still avail of Rs 6.75 discount on every share they bid under the OFS against the floor price of Rs 154. On Thursday, the scrip closed at Rs 160.75 on the BSE. The government has reserved 10 per cent of total offer size for small investors.
Where can you apply for IRCON’s OFS?
You can apply for any OFS on your stock broker’s platform such as Zerodha, ICIC Direct, Sharekhan, Groww etc. You can follow the prompts on the platform and apply.
Bidding time:
Bidding time for any OFS is from 9:15 am to 3:30 pm on both the days of the stake sale.
When will you get allotment of shares?
In an OFS, if you get allotment of shares, then, shares will be credited to your demat account on the next trading day i.e. T+1 day. So, in case of the PSU’s OFS, you can get allotment of shares on next trading day after the close of the issue i.e. on Monday, December 10, 2023. IRCON’s OFS closes on Friday, December 08, 2023.
How can you check allotment of shares?
If the shares under the OFS have been allotted to you, then, it will reflect in your T+1 holdings in your portfolio.
How many shares you can bid for in an OFS?
A retail investor can invest maximum of Rs 2 lakh in a company’s OFS.
At what price will you get credit of shares in OFS?
Watchout! It is not necessary that you will get the shares at the floor price fixed by the company. Shares can also be allotted at higher than the mentioned floor price as according to capital market regulator, Sebi, the allotment price can be changed according to demand and supply dynamics in the OFS.
Will any charges be levied?
Yes, STT, transaction charges and GST will be levied on your order.