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NBCC issue opens on March 22

The government has decided to go ahead with its decision of divesting a 10 per cent stake in National Buildings Construction Corporation

The government has decided to go ahead with its decision of divesting a 10 per cent stake in National Buildings Construction Corporation (NBCC) in the second half of March. According to Sidhartha Pradhan,additional divestment secretary,the initial public offer (IPO) of NBCC will open on March 22 and close on March 25.

The empowered group of ministers (EGoM) will meet on March 19 to decide the price band for the issue. “The IPO price band will be decided in the EGoM meeting on March 19,” said Pradhan.

The government-owned entity,which is engaged in project management consultancy services for civil construction projects along with interests in power and real estate sectors,filed the draft red herring prospectus with the market regulator Securities and Exchange Board of India in February.

It intends to offer 12 million equity shares and has appointed IDBI Capital Market and Enam Securities as the book running lead managers. The additional secretary for divestment also clarified that NBCC will be the last divestment issuance in the current financial year and decisions on other issues will be taken only after March.

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He said that BHEL,Oil India and SAIL would be considered for divestment in the next financial year.

According to Pradhan,the government will evaluate both — auction and follow-on public offer (FPO) — routes to divest its stake in already-listed public sector undertakings (PSUs).

FE

First published on: 08-03-2012 at 01:38 IST
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