The empowered group of ministers (EGoM) on 28 March 2012 fixed the issue price for the National Buildings Construction Corporation's public offer at Rs.106 a share. The issue price was fixed at higher end of price band of Rs 90-106/share for the state-owned construction company. Retail Investors is to get shares at Rs 100.70/share, which is 5% discount to the final issue price.
The issue is a part of government's divestment programme of Rs 40,000 crore for financial year 2012.
National Buildings Construction Corporation had come out with a public issue of 1.2 crore equity shares during 22-27 March 2012 and the issue was oversubscribed 4.93 times. The reserved portion of qualified institutional investors, non-institutional investors and retail subscribed 7.07 times, 1.70 and 3.40 times, respectively.
NBCC, engaged in the business of project management consultancy services for civil construction projects; civil infrastructure for power sector; and real estate development plans to raise around Rs 125 crore through the issue. NBCC is under the administrative control of Ministry of Urban Development.
NBCC is the government's third and last disinvestment candidate in the 2011-12 fiscal after follow-on Public Offer of Power Finance Corp (PFC) in May 2011 and sale of shares through a one-day auction of ONGC earlier this month. The government raised a total of Rs 13894 crore from PFC's FPO and ONGC share sale.
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