The Cabinet Committee on Economic Affairs on Wednesday approved the disinvestment of 15% paid up equity of National Buildings Construction Corporation Limited (NBCC).
It would result in estimated receipts of Rs 1,706 crore approximately to 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 official statement said.
In order to inculcate a sense of belongingness amongst the employees of NBCC, it has also been decided to allot additional shares to the eligible and willing employees at a discount of 5% to the Issue/discovered (lowest cut off) price of the OFS, added further.
The NBCC was listed in 2012, when the government divested 10% paid up equity capital of NBCC. The GoI realised Rs124.97 crore as proceeds towards the share sale.
The company's shares slipped 10.72 per cent to Rs 229.80 on the BSE. The stock touched an intra-day high and 52-week high of Rs 267 during trade.