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NBCC fixes IPO price band at 90-106 rupees/share
March 20, 2012 / 3:47 AM / 6 years ago

NBCC fixes IPO price band at 90-106 rupees/share

MUMBAI (Reuters) - State-run National Buildings Construction Corporation (NBCC) has fixed a price band of 90-106 rupees for its intial share sale that aims to raise up to 1.27 billion rupees, it said in a newspaper advertisement on Tuesday.

Labourers work at the site of a residential estate under construction in Kolkata January 31, 2011. REUTERS/Rupak De Chowdhuri/Files

The government plans to sell a 10 percent stake in NBCC, which is a consultant for civil construction and real estate projects.

Enam and IDBI Capital are the merchant bankers to the issue, which opens on March 22 and closes on March 27.

The share sale will be the government’s first since a $2.6 billion auction in Oil and Natural Gas Corp earlier this month failed to attract enough investors, forcing state-run Life Insurance Corp to pick up most of the 5 percent stake on offer.

Reporting by Nandita Bose; Editing by Subhadip Sircar

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