MUMBAI: Shares of state-owned company NBCC declined 11% on Wednesday on reports that the Cabinet has approved 15% stake sale in it at lower valuations. Since then, the stock has risen over 1226% amid lack of free-float shares and investment by some high profile investors. The company was listed on the bourses in April 2012 when the government diluted 10% stake to raise `127 crore. The company has split its share of Rs 10 each into five with a face value of Rs 2 each. The government is planning to sell 15% in the project management and consultancy company for Rs 1,700 crore, about 18% less than NBCC's Wednesday's valuations, said people familiar with the matter.

Source: Economic Times July 13, 2016 20:58 UTC