The EGoM chaired by the Union Finance Minister on Wednesday fixed the issue price at Rs 106 per equity share for the initial public offering of National Buildings Construction Corporation Ltd. (NBCC).
It was also decided to give discount of 5% to the retail investors and the eligible employees.
The receipts from the IPO will be ~Rs 1.25bn (net of retail and employees discount).
The Issue was opened for subscription from 22nd March, 2012 to 27th March, 2012 for all categories of investors.
The price band was fixed at Rs 90 to Rs 106 with a 5% discount to retail investors and eligible employees as approved by EGOM in its meeting held on 19th March, 2012.
The overall subscription has been 4.93 times with 96.13% i.e. 4.74 times of the subscription received at the upper end of the price band, i.e. Rs 106 per equity share. The response of the retail investors has been 3.39 times.
The Cabinet Committee on Economic Affairs (CCEA), in its meeting held on August 11, 2011, had approved Offer for Sale of 10% paid up equity capital in NBCC i.e. 1,20,00,000 equity shares out of GoI’s shareholding, as per SEBI rules/Regulations. Out of that, 1,20,000 shares were reserved for employees of the company.
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