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The Government has cleared a proposal to sell 10 per cent of its stake in National Buildings Construction Corporation Ltd (NBCC) through an initial public offer that is likely later this fiscal.
The Centre currently holds 100 per cent of the equity in NBCC, the country's largest state-run construction company. A portion of the shares to be offered for sale is to be reserved for the employees of the firm.
Besides a 5 per cent price discount to the employees under a reservation quota, the Government also cleared a similar price discount to retail investors as well to “encourage the development of people-ownership”, an official release said.
The public float, cleared by the Cabinet Committee on Economic Affairs (CCEA) at its meeting here on Thursday, will lead to NBCC listing its shares on the bourses. The paid-up equity capital of the company is Rs 90 crore.
AGRlNDIA to be set up
The Union Cabinet also approved a proposal of the Ministry of Agriculture for setting up of a new company, called AGRlNDIA, with a share capital of Rs 100 crore and initial paid-up capital of Rs 50 crore. The company is to be made functional within four months.
The mandate for AGRlNDIA includes protection and management of intellectual properties and the production, marketing and popularisation of ICAR's products, processes and technologies in agriculture and allied sectors.
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