Centre plans 20% block sale in NBCC

The government is planning to sell 20 per cent stake in National Buildings Construction Corporation (NBCC) at one go through the offer for sale (OFS) route, say people in the know. The share sale, worth Rs 2,300 crore at current prices, would be one of the largest OFS ever. The Centre, which currently owns 90 per cent stake in the real estate developer, is in the process of appointing investment bankers for the issue.

Sebi withdraws review petition in Roofit case

Market regulator Securities and Exchange Board of India (Sebi), which had asked for a review of the Supreme Court's decision in the matter of Roofit Industries, has withdrawn its appeal, say sources. Instead, the regulator is planning to write to the central government to change the provisions of its securities laws that deals with the quantum of penalty that the regulator can impose. In the Roofit matter, SC had ruled that neither Sebi nor Securities Appellate Tribunal could use their discretion while imposing penalties, after which Sebi has started levying higher penalties.

Haircut for Nomura?

The exit of Nomura from its seven-year venture with LIC Nomura Mutual Fund has come at a loss, say industry sources. In 2009, Nomura had acquired 35 per cent of the fund house, reportedly for Rs 306 crore, when it had assets of Rs 28,600 crore. However, the sharp erosion of over 50 per cent in the fund house's assets to Rs 13,156 crore as of March 2016, would have resulted in Nomura's stake being sold at a lower price than its investment, say industry sources.