Railway CPSE Ircon International plans to raise funds by issuing fresh equity shares, piggybacking on the government’s proposal to dilute its stake to 75 per cent through follow-on public offer route, an official said.
The government, which holds 89.18 per cent stake in Ircon International, is required to bring it down to 75 per cent under the Sebi’s minimum public shareholding norms.
The Cabinet has already approved the finance ministry’s proposal to reduce government shareholding to 75 per cent in the railway firm. However, with Ircon planning fresh issuance of shares, the Cabinet will have to vet the company’s proposal for issuance of additional equity. Read more
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