- The company will also lay off all its employees in India, while customers will be given 30 days to transfer to another operator.
State-run National Buildings Construction Corporation (NBCC) today said it will come out with an initial public offer to offload 10 per cent equity next month.
The company will make a public offer of around 1.2 crore equity shares of face value of Rs 10 each, which the industry sources say, could fetch Rs 140 crore.
"NBCC will launch its IPO in the second half of March 2012 as the market has started looking up now," NBCC Director Finance Ajay K Garg told reporters.
Other senior company officials, including CMD Vishnu P Das and Director Projects Anoop Kumar Mittal, were also present on the occasion.
However, they did not specify the total amount that the firm plans to raise through IPO, which is part of government's effort to get close to its Rs 40,000-crore disinvestment target for the current fiscal.
The price band of the issue will be decided after the first week of March, the officials said, adding that of the 10 per cent equity sale, 0.1 per cent will be reserved for the employees.
The firm has already filed the Draft Red Herring Prospectus with Sebi on February 9 for a net offer of 1,18,80,000 equity shares, which includes a reservation of 1,20,000 equity shares for subscription by the eligible employees.
For the IPO transaction, NBCC has appointed IDBI Capital Market Services Ltd and Enam Securities Pvt Ltd as the Book Running Lead Managers.
NBCC is a public sector entity that is engaged in project management consultancy services for civil construction projects that constitutes 90 per cent of its business, and also has interests in the power sector as well as real estate.
Das said the company has work orders to the tune of Rs 10,622 crore at present and is executing several key projects.
The company is undertaking several housing projects, including in Gurgaon, and is also executing some projects in Maldives.
"As and when we get chance, we are open to overseas expansion," Das said.
Incorporated in 1960 as a wholly-owned government undertaking under the erstwhile Ministry of Works, Housing & Supply, the company currently functions under the Ministry of Urban Development.
Headquartered in the National Capital, it has presence across 23 states and one Union Territory.
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