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NBCC Files IPO Papers With DRHP

State-run National Buildings Construction Corporation Ltd., or NBCC, has filed the Draft Red Herring Prospectus or DRHP on February 09 with the market regulator Securities and Exchange Board of India or SEBI for an initial public offer or IPO.

The company plans to dilute ten percent stake through the IPO.

It proposes to make a public offer of 1.2 crore equity shares of Rs.10 each. The company, however, did not specify the total capital that the firm plans to raise through IPO.

The offer comprises a net offer of 11,880,000 equity shares and includes a reservation of 1,20,000 equity shares for subscription by the eligible employees.

The company said the proposed IPO would dilute the government's stake by a total of ten percent, including the 0.1 percent reservation for the employees.

NBCC has appointed IDBI Capital Market Services Ltd. and Enam Securities Pvt. Ltd., as the book running lead managers.

NBCC is a public sector entity engaged in project management consultancy services for civil construction projects, infrastructure for power sector and real estate development.

Incorporated in 1960 as a wholly-owned government undertaking under the erstwhile Ministry of Works, Housing & Supply, the company currently functions under the Ministry of Urban Development.

by RTTNews Staff Writer

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