NBCC’s 15% divestment approved
NBCC’s project New Market, Imphal.
The Cabinet Committee on Economic Affairs has approved the disinvestment of 15% paid up equity of National Buildings Construction Corporation Limited (NBCC) out of Government’s 90% shareholding.
It would generate estimated Rs.1,706 crore for the Government. However, the actual realization amount will depend upon the market conditions and the investor interest prevailing at the time of actual disinvestment.
The disinvestment would further broadbase NBCC’s shareholding and enhance the disinvestment receipts for making them available to the Government for utilization as per Disinvestment Policy.
The issue and subscribed equity capital as on 31.3.2016 was Rs.120 crore. The government holds 90% of the equity i.e. 54,00,00,000 share. The face value of each NBCC share is Rs.2/-. The balance 10% of the equity is held by the Public.
The NBCC Initial Public Offer was launched in March, 2012.
The government earned Rs.124.97 crore from the 10% divestment. fii-news.com
