Shares of IRCON International hit a 52-week high of Rs 181.60 on 19 December after the International Chamber of Commerce passed a judgement in favour of the company in a matter of arbitration with Eskom Holdings SOC.

The International Chamber of Commerce pronounced an award of Rs 103.62 crore to the company, which was accepted by a competent authority against the claims of Rs 115.98 crore.

The dispute was in regard to the procurement of plant design, supply, and installation of traction substations, overhead track equipment, bulk power supplies switching stations, auxiliary power supplies substations, and signalling systems for the Majuba Rail Project in South Africa.

Earlier in December, an offer for sale for the company had been launched by the government, where they sold around 7.53 crore shares, representing 8% of the company, for an average price of Rs 154 per share through a two-day offer-for-sale.

The offer-for-sale was oversubscribed, with investments from both retail and institutional investors.

The Secretary of the Department of Investment and Public Asset Management (DIPAM) said, “The second day of the IRCON OFS closed with good interest from retail investors with a 3.01 times subscription.”

At 1:17 pm, the shares of IRCON were trading 0.37% lower at Rs 177.30 on NSE.