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Cabinet approves disinvestment of 15% in NBCC

Cabinet approves disinvestment of 15% in NBCC

India Blooms News Service | 13 Jul 2016, 10:08 pm
New Delhi, July 13 (IBNS) The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the disinvestment of 15% paid up equity of National Buildings Construction Corporation Limited (NBCC) out of Government of India’s 90% shareholding.

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, read a government statement.

The disinvestment would further broadbase NBCC’s shareholding and enhance the disinvestment receipts for making them available to the Government for utilization as per Disinvestment Policy. 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.
 

Cabinet approves disinvestment of 15% in NBCC

India Blooms News Service
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