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Government will sell 15 per cent stake tomorrow in state-owned construction company NBCC at a floor price of Rs 246.50 a share to raise about Rs 2,200 crore. The two-day offer for sale (OFS) will open for institutional investors and will be followed by retail sales on Friday. The floor price for the sale has been fixed at Rs 246.50 per share, a 2.6 per cent discount to today's closing price of Rs 253 on BSE, official sources said. Government holds 90 per cent in the company, which has a market capitalisation of Rs 15,180 crore. The share sale will help the company meet SEBI's listing requirement of having a minimum public holding of 25 per cent. The Cabinet had in July this year cleared disinvestment in the project management consultancy and real estate development company. NBCC was listed on the bourses in 2012 when the government diluted 10 per cent stake to raise Rs 127 crore.
The price band of the NBCC IPO was then fixed at Rs 90-106 per share. In May this year, shareholders had approved stock split to facilitate the FPO under the government's disinvestment programme. The company has split its share of Rs 10 each into five with a face value of Rs 2 each. The stake sale is part of government's Rs 56,600 crore disinvestment programme for the current fiscal.
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