The board of state-owned NBCC has approved the sale of 10 per cent stake through public offer that will help the company raise over Rs 900 crore to fund business expansion.
The board at its meeting approved the “follow-on public offer" of 10 per cent of the post issue equity share capital for augmenting the company’s resources to fund business development plans,” NBCC said in a filing to the BSE.
The stake sale would be subject to the approval of the Government of India, which holds 90 per cent equity in the National Buildings Construction Corporation.
NBCC was listed on the bourses in 2012 when government diluted 10 per cent stake to raise Rs 127 crore. The price band of the NBCC IPO had been fixed at Rs 90-106 per share.
NBCC, which is under the administrative control of Ministry of Urban Development, provides project management consultancy services for construction projects, civil infrastructure for power sector and real estate development.
The NBCC scrip closed on Friday at Rs 807.15, down 0.65 per cent, on the BSE