State-run National Buildings Construction Corp. Ltd (NBCC) has shelved its plan to raise Rs.1,000 crore fresh capital through a follow-on public offer (FPO) route, saying it currently does not require funds for business expansion. In May last year, the company's board had approved the FPO of 10% of the post issue equity share capital for augmenting the company's resources to fund business development plans. "The company has withdrawn the proposal to raise Rs.1,000 crore through FPO because the company doesn't require money right now for its business operations," NBCC chairman and managing director A. K. Mittal told reporters in Delhi. The government, which currently holds 90% stake in National Buildings Construction Corporation, is looking to divest its stake. In March this year, the board has approved splitting of company's equity share of face value of Rs.10 each into five shares of Rs.2 face value each with a view to making shares more affordable as well as increasing market liquidity. The company has reported a 6% increase in its consolidated net profit to Rs.141.48 crore and 40% rise in income from operations to Rs.2,313.38 crore in the fourth quarter last fiscal. For the entire 2015-16 financial year, NBCC's net profit increased to Rs.311.13 crore and income from operations rose to Rs.5,838.27 crore. NBCC was listed on the bourses in 2012 when the government diluted 10% stake to raise Rs.127 crore. The price band of the NBCC initial public offering had been fixed at Rs.90-106 per share.