Business Other News 14 Jul 2016 CCEA okays stake sal ...

CCEA okays stake sale in NBCC

DECCAN CHRONICLE.
Published Jul 14, 2016, 1:08 am IST
Updated Jul 14, 2016, 1:08 am IST
However, actual realisation amount will depend on market conditions and investor interest at the time of disinvestment.
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 NBCC logo

New Delhi: Cabinet Committee on Economic Affairs on Wednesday approved 15 per cent disinvestment in state-owned construction firm National Buildings Construction Corporation Ltd (NBCC), hoping to garner Rs 1,706 crore.

However, actual realisation amount will depend on market conditions and investor interest at the time of disinvestment. Government holds 90 per cent stake in the company, which has a market capitalisation of Rs 14,274 crore. “The government hopes an estimated receipt of Rs 1,706 crore from this (disinvestment). But it is just estimation,” said Law and IT Minister Ravi Shankar Prasad.   

 

It has also been decided to allot additional shares to the eligible and willing employees at a discount of 5 per cent to the Issue/discovered (lowest cut off) price of the offer for sale (OFS).

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