New Delhi: Government will on Thursday sell its 15 % stake in state-owned construction company NBCC at a floor price of Rs 246.50 with a goal to raise Rs 2,200 crore.
The Centre had earlier in July cleared a proposal to sell its stake NBCC India with a goal to meet the ambitious Rs 56,500-crore PSU disinvestment target in 2016-17.
Currently, the government holds 90 % in the company.
The share sale will help the company meet up with SEBI’s listing requirement of having a minimum public holding of 25 %.
NBCC was listed on the bourses in 2012 when the government diluted 10 % stake to raise Rs 127 crore. The price band of NBCC IPO was fixed at Rs 90-106 per share.
Earlier, in May this year, shareholders had approved stock break to facilitate the FPO under the governments disinvestment prog