NHPC IPO: First issue of state-run firm in 17 months
Press Trust of India / New Delhi Jul 28, 2009, 14:23 IST
State-run power company NHPC today said it plans to raise up to Rs 6,048 crore through sale of shares in a price-band of Rs 30-36 in an IPO — the first by a PSU after the UPA assumed office for a second term.
This is also the first stake sale by a state-run company in 17 months after REC went public in February 2008 to raise over Rs 1,600 crore.
"We have decided a price band of Rs 32-36 for the IPO," NHPC Chairman and Managing Director S K Garg told a news channel.
The issue will open on August seven and close on August 11. The company would sell 168 crore shares comprising of five per cent stake divestment of the government and infusion of 10 per cent fresh equity.
The company plans to raise between Rs 5,040 crore and Rs 6,048 crore from its IPO.
The public issue is also the by a government-run entity since the September 2008 global financial meltdown. There have, however, been five issues by private sector companies.
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