TIDBITS

Merchant bankers asked to submit bids for NBCC stake sale

By IndianMandarins- 26 Jul 2016
537

merchant-bankers-asked-to-submit-bids-for-nbcc-stake-sale The Centre on Friday invited bids from merchant bankers to carry out stake sale in public sector construction company NBCC India (formerly National Buildings Construction Corporation). The Centre intends to disinvest 15 per cent paid-up equity capital (nine crore shares each of face value Rs. 2 each) of NBCC out of its shareholding of 90 per cent, through offer for sale (OFS) of shares by promoters through the stock exchanges. The Department of Investment and Public Asset Management under the Ministry of Finance on Friday came out with an RFP (request for proposal). "The government is also considering allotting shares to eligible and willing employees of NBCC at a discount of 5 per cent to the issue/discovered price (lowest cut-off price) up to a maximum of 0.75 percent of the OFS size subsequent to completion of the transaction under OFS. The employees will be eligible to apply for shares up to Rs.2 lakh only. "Merchant bankers/selling brokers will be required to render such assistance as may be required in this connection," the note said.

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