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Adviser MONEY MAKING MC
13 July 2016
The Cabinet here on Wednesday approved 15%
divestment of the government's stake in National Buildings Construction
Corporation Limited (NBCC) aiming to collect approximately Rs1,706 crore.
“The Cabinet Committee on Economic Affairs,
chaired by Prime Minister Narendra Modi, has approved the disinvestment of 15%
paid up equity of NBCC out of government’s 90% shareholding,” the Union Finance
Ministry said in a statement. The Total Investment & Insurance
Solutions
The balance 10% of the equity is held by the
public. The Total Investment & Insurance Solutions
“It would result in estimated receipts of
approximately Rs1,706 crore to the government. However, the actual realisation
amount will depend upon the market conditions and the investor interest
prevailing at the time of actual disinvestment,” the statement said.
The government aims to generate Rs56,500
crore through disinvestment in PSEs this financial year. The
Total Investment & Insurance Solutions
During 2015-16, the government could manage
to meet less than half the budget estimates at Rs25,312 crore as against the
target of Rs69,500 crore.
"The disinvestment would broadbase
NBCC's shareholding and enhance the disinvestment receipts for making them
available to the government for utilisation as per disinvestment policy,"
the statement added.
It has also been decided to allot additional
shares to the eligible and willing NBCC employees at a discount of 5% to the
issue, it said.
NBCC was incorporated on 5 November 1960 as a
wholly owned government enterprise with the objective of becoming a leading
company in the field of construction, engineering and project management
consultancy services.
The NBCC IPO (initial public offer) was
launched in March, 2012, when the government divested 10% paid up equity
capital of NBCC out of its 100% shareholding and got the company listed on the
stock exchanges. The Total Investment & Insurance
Solutions
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