Shares of NBCC Friday surged more that 5 per cent in morning trade on the bourses after the company said it will buy out 100 per cent government stake in consultancy firm HSCC for Rs 285 crore.
"DIPAM intimated vide letter dated September 13, 2018, that NBCC has been selected as the buyer for 100 per cent strategic disinvestment of HSCC at a bid amount of Rs 285 crore," NBCC had said in a regulatory filing Thursday.
Shares of the company opened on a strong note at Rs 69, then gained 5.45 per cent over its previous closing price to touch an intraday high of Rs 70.50 on BSE.
On NSE, the stock opened at Rs 67.95, then gained further ground and touched a high of Rs 70.40, up 5.31 per cent over its previous closing price.
The government last October invited bids from similarly placed central public sector enterprises (CPSEs) for buying out entire 100 per cent stake in HSCC, along with management control.
Thereafter, in June 2018, NBCC had submitted financial bid for buying HSCC.
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Hospital Services Consultancy Corporation (HSCC), under the Ministry of Health and Family Welfare, is engaged in the provision of consultancy services in health-care and other social sectors in India and abroad. The government will also transfer management control through a competitive bidding process by way of sale EPI stake to a similarly placed CPSE.
In the current fiscal, the government plans to raise Rs 80,000 crore through strategic sale of PSUs. So far this fiscal, it has raised over Rs 9,000 crore through disinvestment.
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