Wednesday 12 December 2018
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business-standard - 5 days ago

Govt sells over 3% stake in NBCC to Reliance Nippon s CPSE-ETF mutual fund scheme

The government has sold 5.72 crore shares, representing 3.18 per cent stake, in state-owned NBCC Ltd to Reliance Nippon Life Asset Management Ltd, which manages central public sector enterprise exchange traded fund (CPSE-ETF), the construction company said on Friday. In a filing to the BSE, NBCC said the President of India, acting through Housing and Urban Affairs Ministry, has sold these shares in an off market transaction to Reliance Nippon, which is the asset management company of the CPSE-ETF mutual fund scheme. NBCC explained that the CPSE-ETF mutual fund scheme was launched in March 2014. The proceeds of the scheme were utilised for the purchase of CPSE shares as represented in the constituent companies of the Nifty CPSE Index. The President had sold the shares at a discounted rate to the scheme for the benefit of unit holders of the scheme. The Department of Investment and Public Asset Management (DIPAM) along with Reliance Nippon has formulated a third Further Fund Offer ...

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