The National Buildings Construction Corporation (NBCC) has announced the price band of Rs. 90 to Rs. 106 for its upcoming Initial Public Offering (IPO).

The state-run company announced the price band in a newspaper advertisement on Tuesday. The government is aiming to raise up to 1.27 billion rupees from the offering of 1.2 crore equity shares. The Indian government is planning to sell 10 per cent stake in NBCC.

The company that deals with consultancy works for civil construction and real estate projects has appointed Enam and IDBI Capital as the merchant bankers to the issue. The IPO opens on 22 March and closes on 27 March. Urban Development Minister Kamal Nath said that the shares issued in the stake sale will get listed in April.

The NBCC IPO comes after the stake sale in Oil and Natural Gas Corp earlier this month. However, the issue was not able to attract enough investors and thus the state-run Life Insurance Corp had to step in to pick up a 5 per cent stake in the oil major.

The stake sale is part of a massive divestment programme of Rs 40,000 crore for the financial year 2012.