Trading Members and Custodians are requested to refer to notice nos. 20190118-43 dated January 18, 2019, 20200701-27 dated July 01,2020 and 20230127-14 dated January 27,2023 detailing Revised Guidelines for Bidding in Offer for Sale (OFS) Segment. The above guidelines were issued by the Exchange with reference to Securities and Exchange Board of India (SEBI) circular no. SEBI/HO/MRD/DOPI/CIR/P/2018/159 dated December 28, 2018 regarding “Review of Offer for Sale (OFS) of Shares through Stock Exchange Mechanism” and SEBI/HO/MRD/MRD-PoD-3/P/CIR/2023/10 dated January 10, 2023, regarding “Comprehensive Framework on Offer for Sale (OFS) of Shares through Stock Exchange Mechanism”.
All Market Participants are hereby informed that The President of India (acting through and represented by the Ministry of Railways, Government of India, (the “Seller”), proposes to sell up to 3,76,20,629 Equity Shares of face value Rs 2 each of IRCON International Limited (the “Company”) (representing 4.0 % of the total issued and paid up Equity Share capital of the Company) (“Base Offer Size”), on December 07, 2023, (“T day”) (for non-Retail Investors only) and on December 08, 2023 (“T+1 day”) (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids) with an option to additionally sell 3,76,20,629 Equity Shares (representing 4% of the total issued and paid up Equity Share capital of the Company) (the “Oversubscription Option”, and in the event that the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will represent 8.00% of the total issued and paid up Equity Share capital of the Company, i.e. 75,241,258 Equity Shares, and will collectively, hereinafter be referred to as “Offer Shares” while in the event that such Oversubscription Option is not exercised, the Equity Shares forming part of the Base Offer Size will hereinafter be referred to as “Offer Shares”) through a separate, designated window of the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, and together with BSE, the “Stock Exchanges”), and in accordance with a) the “Comprehensive Guidelines on Offer for Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism” issued by the Securities and Exchange Board of India (the “SEBI”) through its circular no. CIR/MRD/DP/18/2012 dated July 18, 2012 as amended and updated by circulars nos. CIR/MRD/DP/04/2013 dated January 25, 2013, CIR/MRD/DP/17/2013 dated May 30, 2013, CIR/MRD/DP/24/2014 dated August 8, 2014, CIR/MRD/DP/32/2014 dated December 1 2014, CIR/MRD/DP/12/2015 dated June 26, 2015, CIR/MRD/DP/36/2016 dated February 15, 2016, CIR/MRD/DP/65/2017 dated June 27, 2017, SEBI/HO/MRD/DOPI/CIR/P/2018/159 dated December 28, 2018 (the “OFS Circular”) and SEBI/HO/MRD/MRD-PoD-3/P/CIR/2023/10 dated January 10, 2023 and section 21 of chapter 1 of the “Master Circular for Stock Exchange and Clearing Corporation” issued by the SEBI through its circular no. SEBI/HO/MRD/DP/CIR/P/117 dated October 25, 2019 (the “OFS Master Circular”, and together with the OFS Circular, the “SEBI OFS Circulars”); b) the “Revised Operational Guidelines for Offer for Sale (OFS) Segment” issued by BSE through its notice no. 20200701-27 dated July 1, 2020 and, to the extent applicable, the previous notices issued by BSE in this regard.
Such number of equity shares as would be equivalent to up to 0.5% of the Offer size may be offered to eligible and willing employees of the Company, subsequent to completion of the Offer in accordance with the terms and conditions provided in OFS Guidelines, subject to approval from the competent authority (the "Employee Offer"). The employees will be eligible to apply for equity shares up to Rs. 2,00,000/- Provided that in the event of under-subscription in the employee portion, the unsubscribed portion may be allotted on a proportionate basis, for a value in excess of Rs.2,00,000, subject to the total allotment to an employee not exceeding Rs. 5,00,000.
The floor price of the Offer shall be Rs.154.00 (Rupees One Hundred and Fifty Four only).
The particulars of the above offer for sale are attached to this notice.
Market participants are further requested to note that the Exchange would disseminate the details of this Offer for Sale on BSE Website – www.bseindia.com.
Mangesh Tayde
Deputy General Manager
Listing Business Relationship
December 06, 2023 |