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

Food security: Solution lies in traditional food

After spending almost a month among tribals of Mandla in Madhya Pradesh, I can confidently say that by restricting ourselves to Public Distribution System (PDS), we cannot solve the food security issues of the country.   The problem is graver. In a district like Mandla, where aboriginals like Bai

Wholesale price index inflation down

The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.60% (provisional) for the month of September, 2017 (over September,2016) as compared to 3.24% (provisional) for the previous month and 1.36% during the corresponding month of the previous year, authorities said.

Digital India to provide 20-30% increase in India’s GDP by 2025: Alphons

Digital India program has the potential to provide an incremental 20-30 percent increase in India’s GDP by 2025. Since its launch in July 2015, significant progress has been made in several initiatives under Digital India, said union minister KJ Alphons. Several of the flagship project

Senior railway officer Achal Khare on the bullet train roadmap

Achal Khare, MD, National High Speed Rail Corporation, is a man with big responsibility – of realising India’s dream of running a bullet train. In conversation with Vishwas Dass, Khare lists various challenges before the NHSRCL – the executing agency of the Ahmedabad-Mumbai high speed

Why bullet trains are unsuitable for India

Many will be surprised to know that 80 years ago, trains ran at a faster speed in North America and Western Europe than in India today. On the shorter distances (up to 500 km), daytime inter-city trains achieved average speed of 120 to 130 kmph, and on the longer routes (more than 1,000 km) speed was only

Biting the bullet train

If all goes well, India’s first high-speed train would zip by in  December 2023. In fact, railways minister Piyush Goyal is even confident that the 508-km Ahmedabad-Mumbai high-speed rail (HSR) project would be completed much before that, by August 2022 – on the country’s 75th indepe



Video

Finally Talwar’s out from Dasna  jail

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter