The two-day share sale, wherein the government is offloading 15 per cent of its equity, attracted bids for over 11.08 crore shares as against 7.20 crore offered to institutional investors on the first day, according to the stock exchange data.
Most of the bids came at Rs 246.73 per share, slightly higher than the floor or minimum bid price of Rs 246.50. At this price, subscription of over 11.08 crore shares totalled over Rs 2,700 crore.
The offer for sale (OFS) will open tomorrow for retail subscribers.
NBCC is the third disinvestment through OFS route by the government in the current fiscal. Government is targeting Rs 56,500 crore through selling shares and privatisation of public sector undertakings (PSUs).
Also Read
It has so far raised Rs 6,414 crore through OFS and buyback of equity.
The government is selling a total of nine crore equity shares or 15 per cent stake at a floor price of Rs 246.50 a share.
The remaining 1.80 crore shares reserved for retail investors, who would also be given a 5 per cent discount to the share allotment price, will go up for subscription tomorrow.
The government holds 90 per cent in the company, which has a market capitalisation of Rs 15,180 crore.
The share sale will help the company meet Sebi norms that mandated PSUs to have a minimum public holding of 25 per cent.
The Cabinet had in July this year cleared disinvestment in the project management consultancy and real estate development company.
NBCC was listed on the bourses in 2012 when government diluted 10 per cent stake to raise Rs 127 crore. The price band of the NBCC IPO was then fixed at Rs 90-106 per share.
Disclaimer: No Business Standard Journalist was involved in creation of this content