Disinvestment in NBCC approved

It is estimated to generate nearly Rs 1,706 crore

GN Bureau | July 15, 2016


#NBCC   #disinvestment   #ministry of urban development  

 The cabinet committee on economic affairs (CCEA) has approved the disinvestment of 15 percent paid-up equity of National Buildings Construction Corporation Limited (NBCC). The government at present has 90 percent shareholding in the company. The disinvestment is estimated to generate nearly Rs 1,706 crore to the government.

The CCEA has also decided to allot additional shares to the eligible and willing employees at a discount of 5 per cent to the issue price of the OFS.
 
The government holds 90 percent of the equity, which is 540 million shares. The balance 10 percent of the equity is held by the public.
 
The NBCC IPO (initial public offering) was launched in March 2012, when the government divested 10 percent paid-up equity capital of NBCC and got the company listed on the stock exchanges. It had earned Rs 124.97 crore as proceeds towards the share sale. 
 
In the current fiscal, the government aims to collect Rs 56,500 crore through disinvestments in PSUs. This is 18.7 percent lower than Rs 69,500 crore, which it had targeted in the last budget. Of the total budgeted proceeds.
 
Rs 36,000 crore is estimated to come from minority stake sale in PSUs and the remaining Rs 20,500 crore is estimated to come from strategic sales.
 
NBCC is under the administrative control of the ministry of urban development. It operates in the field of construction, engineering and project management consultancy services.  
 

Comments

 

Other News

Do new norms for political donations hurt transparency?

Do new norms for political donations hurt transparency?

NTPC adds highest ever capacity; records highest single day generation

  With commissioning of 800 MW unit at Kudgi in Karnataka, 250 MW unit at Bongaigaon in Assam and 20 MW at Bhadla solar in Rajasthan, the total installed capacity of National Thermal Power Corporation (NTPC) group has reached to 49,943 MW.   The 12th plan cap

Why do we need Aadhaar?

 Aadhaar is arguably one of the most convoluted public policy interventions in India’s history. It has been more than eight years, yet there is little clarity on the exact purpose of the biometric-based unique identification project.  Let me take you through an event which I witne

AAI signs MoU with Daman and Diu admin for maintenance of Diu airport

The airports authority of India (AAI), a Miniratna PSU, has undertaken operation, development and maintenance of Diu airport from Diu administration.    A memorandum of understanding demonstrating the responsibilities was inked on March 20 between the union terri

PSU performance: Better than expected

Central public sector enterprises (CPSEs) have done quite well despite facing headwinds, according to the Public Enterprises Survey (2015-16) that was tabled in parliament on March 21. The net worth of all the CPSEs have gone up and the overall net profit has zoomed. Their contribution to the cen

National Health Policy: Old prescription, new date

After much discussion and pondering over for more than two years, the cabinet has approved a new National Health Policy, scrapping the old one which was formulated in 2002. The government aims to increase the public health expenditure to 2.5% of the GDP by 2025. The policy formulated in 2002 aimed

Video

यूपी में नकल करने वालों की अब खैर नहीं

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter