New Delhi: Construction company NBCC on Tuesday said its initial public offer will open for subscription on Thursday and close on March 27.
    
The price band of the issue has been fixed in the range of Rs 90 to Rs 106, NBCC said in a public announcement.
    
"Government will dilute 10 percent (stake)... Rs 120 crore to be raised by NBCC Initial Public Offer (IPO)," Urban Development Minister Kamal Nath had said yesterday after an Empowered Group of Ministers (EGoM) decided on the issue.
    
Nath had said the listing would happen in April.
    
As per the Red Herring Prospectus of NBCC filed with the SEBI, the construction major has proposed to offer 1.2 crore equity shares of face value of Rs 10 each.
    
NBCC provides project management consultancy (PMC) services for construction projects, civil infrastructure for power sector and real estate development.
    
Credit rating agency CARE has assigned 'IPO Grade 4' to the proposed NBCC IPO, indicating above average fundamentals.
    
IDBI Capital and Enam are the book running lead managers to the IPO.
    
The government had set an ambitious target to mop-up Rs 40,000 crore from disinvestment of public sector units this fiscal. However, due to volatile market conditions, only about Rs 14,000 crore has been realised so far.

The government plans to sell equity in blue-chip companies like SAIL, MMTC, Neyveli Lignite, Nalco and Oil India, to mop up Rs 30,000 crore in the next fiscal.

(Agencies)