NHPC to come out with IPO only after market improves
Press Trust of India / New Delhi Mar 13, 2009, 12:22 IST
State-run hydro power producer NHPC today said it would come out with its initial public offer only after the market conditions improve.
"IPO is on hold till market conditions stabilise," NHPC Chairman and Managing Director S K Garg told reporters here.
Asked if the global slowdown has affected the company's expansion projects, he said, "Our capex has not been affected by the slowdown."
NHPC, which accounts for over 3 per cent of the country's power generation capacity, targets to double its output by 2012 and has planned a capital expenditure of Rs 28,000 crore during the 11th Five-Year Plan (2007-12).
The company had proposed to come out with a public issue in October last year to partially fund expansion programmes, but it was forced to shelve plans due to volatile market conditions.
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