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Today Govt will sell its 15 % stake to NBCC to raise Rs 2,200 cr

Today Govt will sell its 15 % stake to NBCC to raise Rs 2,200 cr

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 programme. The company has break its share of Rs 10 each into five with a face value of Rs 2 each.

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