New Delhi: With one more issue of NBCC in the pipeline, the government will be able to achieve only a little over 36 percent of the disinvestment target of Rs 40,000 crore in the current fiscal.
The government had filed draft prospectus with Sebi for 10 percent stake sale in NBCC last month and the approval from the market regulator is expected shortly.
"We are working hard to bring the NBCC issue in the current fiscal. Most probably the IPO will come after March 16," an official source said.
National Building Construction Corporation (NBCC) proposes to make an initial public offer (IPO) of 1.2 crore equity shares of face value of Rs 10 each, the draft paper said but did not specify the total capital that the firm planned to raise through IPO.
"We will conduct roadshows in Delhi, Mumbai, Chennai and Singapore between March 7 -9. The empowered group of ministers will decide on the pricing of the issue," the official added.
So far in the current fiscal, the government has been able to raise about Rs 14,000 crore through disinvestment in public sector undertakings (PSUs), against the budgeted Rs
40,000 crore.
While Rs 1,145 crore was raised through an follow-on public offer (FPO) of PFC, Rs 12,767 crore came from 5 percent stake auction in ONGC.
The ONGC stake auction was the first such issue after the market regulator Sebi allowed promoters to sell up to 10 percent stake through the auction window of the stock exchanges.
Although there was confusion regarding the ONGC auction as the bids could not be uploaded because of technical reasons, the government expressed satisfaction over the auction process and said it would consider more stake sale through the same route after analysing it.
The government has already identified a host of companies as possible candidates for disinvestment. These include Oil India, SAIL, BHEL, Hindusthan Copper and GAIL among others.
Sources said the government is considering Oil India (OIL) as the next possible candidate for disinvestment through the auction route. However, it is unlikely that it could happen in the current fiscal.
BHEL which was also under consideration for stake sale through auction route has been postponed to next fiscal.