The Indian Railways’ arm IRCON International made its market debut at a discount of 13.62% to Rs 410.30 per piece compared to the IPO issue price of Rs 475 per piece. The discount listing was on the back of weak market sentiments since past two weeks.
Ircon International’s initial share sale was subscribed 29% on Monday, the first day of the bidding process, according to the National Stock Exchange (NSE).
Ircon International Ltd, a public sector undertaking under the Ministry of Railways, plans to develop the railway land it had taken on a 99-year old lease at Bandra in Mumbai either as a full-fledged commercial property or commercial-cum-high-end residential units
The year 2017 saw 36 companies collectively raising a record over Rs 67,000 crore via IPOs.
Ministry of Railways and, Indian Railway Construction Company, International Ltd (IRCON) a Central PSU under the administrative control of the Ministry of Railways, signed an MoU with Ministry of Railways.
India has assured Iran that it will fast track the $1.6 billion-Chabahar rail link project, which will connect the port on the southern coast of the Gulf nation to the eastern city of Zahedan on the border with Afghanistan.
Rail infrastructure for coal transport and other allied utilities is being developed in the States of Chhattisgarh, Jharkhand & Odisha through Joint Venture Companies formed by subsidiaries of Coal India Limited (CIL), in association with State Government & Rail Infrastructure Companies such as RITES and IRCON.
The listing plans of three railway public sector undertakings, Indian Railway Finance Corporation (IRFC), IRCON, and IRCTC are on track, even as worries still looming over Indian Railway Catering and Tourism Corporation’s (IRCTC) service charge.
In an exclusive chat with ET Now, Suresh Prabhu, Railway Minister speaks about the listing of rail PSUs, funding and privatisation.
Within three weeks of Budget announcement, the Finance Ministry today started the process of listing three rail PSUs — IRCTC, IRFC and IRCON.