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NBCC share sale fully subscribed
MUMBAI.The Rs 2,200-crore share sale in state-owned construction firm NBCC (India) on Thursday was subscribed 1.22 times. The 90-million share offer for sale (OFS) received more than 110 million bids, data provided by stock exchanges showed.
With this, the government has successfully sold 15 per cent stake in NBCC, reducing its holding to 75 per cent.
Bulk of the bids in the NBCC share sale came from state-owned insurance companies and banks, said people in the know. The government had set a base price of Rs 246.5 per share, while most of the bids came at Rs 246.73, data provided showed. Shares of NBCC ended at Rs 251 on the BSE.
NBCC was 2016-17’s third disinvestment by the government through the OFS route. So far this financial year, the government has raised a total of Rs 5,317 crore by selling its holdings in three public sector undertakings (PSUs). Besides divestment, the government has also mobilised money by share buybacks in PSUs including Nalco and Moil. Business Standard
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