NBCC fixes IPO price band at 90-106 rupees/share

State-run National Buildings Construction Corporation (NBCC) has fixed a price band of 90-106 rupees for its intial share sale that aims to raise up to 1.27 billion rupees ($25.3 million), it said in a newspaper advertisement today.

State-run National Buildings Construction Corporation (NBCC) has fixed a price band of 90-106 rupees for its intial share sale that aims to raise up to 1.27 billion rupees ($25.3 million), it said in a newspaper advertisement on Tuesday.

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The government plans to sell a 10% stake in NBCC, which is a consultant for civil construction and real estate projects.

Enam and IDBI Capital are the merchant bankers to the issue, which opens on March 22 and closes on March 27.

The share sale will be the government's first since a $2.6 billion auction in Oil and Natural Gas Corp earlier this month failed to attract enough investors, forcing state-run Life Insurance Corp to pick up most of the 5% stake on offer.