Speed Post News Network
New Delhi: The Cabinet Committee on Economic Affairs chaired by PM Narendra Modi has approved the disinvestment of 15% paid up equity of National Buildings Construction Corporation (NBCC) Limited out of Government of India’s 90% shareholding.
It would result in estimated receipts of Rs 1,706 crore approximately to the government. However, the actual realization amount will depend upon the market conditions and the investor interest prevailing at the time of actual disinvestment. The disinvestment would further broadbase NBCC’s shareholding and enhance the disinvestment receipts for making them available to the government for utilization as per Disinvestment Policy. To inculcate a sense of belongingness amongst the employees of NBCC, it has also been decided to allot additional shares to the eligible and willing employees at a discount of 5%. NBCC was incorporated on November 5, 1960, as a wholly owned Government of India enterprise under the administrative control of the Ministry of Urban Development with the objective of becoming a leading company in the field of construction, engineering and project management consultancy services.