The Cabinet Committee on Economic Affairs has approved 15 per cent disinvestment in State-owned National Buildings and Construction Corp. The Centre is expecting to raise over ₹1,700 crore from the stake sale. Speaking to Bloomberg TV India , NBCC CMD Anoop Kumar Mittal says the timing and price of the disinvestment is yet to be finalised.

What’s the timeline and pricing range for the OFS?

The Cabinet gave only principle approval on Wednesday to disinvest 15 per cent more of Centre’s stake in NBCC. The procedure will take some time. I don’t know the exact timing or pricing. The government and the Department of Disinvestment will decide all these in consultation with the NBCC.

Analysts are expecting valuations at a discount. Why is the proposed OFS coming at an assumed discount to the market price?

It is a misconception. Last evening, the figure that was spelt out was an estimate made at the time of the proposal. It is not the price the government has decided. It will depend on the market condition at the time when the actual disinvestment will happen.

Even after the disinvestment, the government will still continue to be the majority shareholder. Have you heard from the government on whether it would look to offload further stake?

The present proposal is only up to 25 per cent, which means 15 per cent more dilution. After that, we can’t say what the government will decide.

Can you give us an update of your order book?

Last week, the government approved three projects on redevelopment of three colonies, the value of which is about ₹25,000 crore. The actual work will start after one year because we need time to develop the plans, drawings and to get approvals from local bodies. So I hope the work will start by June-July next year.

Is the government planning more such projects in the near future?

Immediately, there is no such plan as far as Delhi is concerned. Several State governments such as Odisha and Rajasthan are thinking to redevelop their properties. We are in discussion with them, but nothing concrete has materialised. Presently, the order book is about ₹65,000 crore, and we are targeting to secure works worth at least ₹10,000-crore more in the remaining time of this financial year.