NTPC FPO subscribed 70% on first day

State-run power utility NTPC's public offer, which opened today, was subscribed 70 per cent of the total shares on sale, according to data available at the National Stock Exchange (NSE).

NTPC is selling each equity share at Rs 201 as part of the public offer to divest 5 per cent of the government's stake, while its employees will be able to subscribe at a discount of Rs 10.

At 4 pm, data with the NSE showed that the power company received about 28.7 crore bids, against the 412,273,220 equity shares on offer, of which 42,73,220 equity shares are reserved for NTPC employees.

The follow-on public offer (FPO) closes on Feb 5. The government currently owns about 89.5 per cent of NTPC's equity.

ICICI Securities, Citigroup Global Markets, JP Morgan and Kotak Mahindra Capital are the book running lead managers to the offer.

NTPC stock closed at Rs 209.80, up 1.82 per cent from its previous close on the Bombay Stock Exchange today.