NBCC IPO opens on March 22

8220;Government will dilute 10 per cent stake8230; Rs 120 crore to be raised by NBCC Initial Public Offer IPO,8221; Urban Development Minister Kamal Nath had said yesterday after an Empowered Group of Ministers EGoM decided on the issue.

Nath had said the listing would happen in April.

As per the Red Herring Prospectus of NBCC filed with the SEBI,the construction major has proposed to offer 1.2 crore equity shares of face value of Rs 10 each.

NBCC provides project management consultancy PMC services for construction projects,civil infrastructure for power sector and real estate development.

Credit rating agency CARE has assigned 8216;IPO Grade 48217; to the proposed NBCC IPO,indicating above average fundamentals.

IDBI Capital and Enam are the book running lead managers to the IPO.

The government had set an ambitious target to mop-up Rs 40,000 crore from disinvestment of public sector units this fiscal. However,due to volatile market conditions,only about Rs 14,000 crore has been realised so far.

The government plans to sell equity in blue-chip companies like SAIL,MMTC,Neyveli Lignite,Nalco and Oil India,to mop up Rs 30,000 crore in the next fiscal.