Institutional buyers over-subscribe IRCON

New Delhi: The government’s offer for selling up to 8 per cent stake in IRCON International was over-subscribed by institutional investors who put in bids worth over Rs 2,400 crore on Thursday. The government is selling about 7.53 crore equity shares, representing 8 per cent in the railway PSU at a floor price of Rs 154 apiece through a two-day offer for sale (OFS). The issue would open for retail investors on Friday. On Thursday, non-retail investors put in bids for over 15.66 crore shares, as against over 3.38 crore shares reserved for them.