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Shares of NBCC surged more than 5 per cent as the company said it will buy out 100 per cent government stake in consultancy firm HSCC for Rs 285 crore.
“DIPAM intimated vide letter dated September 13, 2018, that NBCC has been selected as the buyer for 100 per cent strategic disinvestment of HSCC at a bid amount of Rs 285 crore,” NBCC had said in a regulatory filing on Thursday.
The company shares opened on a strong note at Rs 69, then gained 5.45 per cent over their previous closing price to touch an intraday high of Rs 70.50 on the BSE. On the NSE, the stock opened at Rs 67.95, then gained further ground and touched a high of Rs 70.40, up 5.31 per cent over their previous closing price.
The government had last October invited bids from similarly placed central public sector enterprises (CPSEs) for buying out entire 100 per cent stake in HSCC, along with management control. Thereafter, in June 2018, NBCC had submitted financial bid for buying HSCC.
Hospital Services Consultancy Corporation (HSCC), which comes under the Ministry of Health and Family Welfare, provides consultancy services in healthcare and other social sectors in India and abroad. The government will also transfer management control through a competitive bidding process by way of stake sale in EPI stake to a similarly placed CPSE.
In the current fiscal, the government plans to raise Rs 80,000 crore through strategic sale of PSUs. So far this fiscal, it has raised over Rs 9,000 crore through disinvestment.
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