Centre to sell upto 15% Stake in Indian Railway PSU IRCON
According to the reports, the government has planned to sell up to 15 per cent of its stake in the railway engineering company IRCON International Ltd through an offer-for-sale of shares. The government currently holds 89.18 per cent stake in IRCON International.
On Friday (November 6), the shares of IRCON International closed at ₹ 77.95 apiece on the BSE. At the current market price, the government could raise about ₹ 450 crore by selling 15 per cent stake.
The government is looking to raise ₹ 2.10 lakh crore through disinvestment in the current fiscal. This includes ₹ 1.20 lakh crore from Central Public Sector Enterprise (CPSE) stake sale and ₹ 90,000 crore from sale of government stake in the financial institutions.
So far this fiscal, ₹ 6,138 crore has been raised from selling the minority stake in CPSEs as the COVID-19 pandemic has delayed the big-ticket disinvestments such as Bharat Petroleum Corporation Ltd (BPCL). The government is also in the process of selling a stake in Indian Railway Catering and Tourism Corp Limited (IRCTC) as well as the Rail Vikas Nigam Limited (RVNL) through the offer-for-sale of shares.
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