The Inter-Ministerial Group (IMG) on disinvestment met last Friday and approved selling 11.36% in NHPC through an Offer For Sale (OFS), an official source said.
"The DoD will soon float a request for proposal to select merchant bankers who will manage the stake sale," the official said, adding up to three merchant bankers would be appointed.
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At the current market price of Rs 24 a piece, sale of 11.36% or 125.76 crore shares would fetch about Rs 3,000 crore to the exchequer.
Government holds 85.96% stake in NHPC. The stake sale would help the company comply with the minimum 25% public shareholding norm of market regulator Sebi.
The Department of Disinvestment (DoD) is in the process of preparing a draft Cabinet note for inter-ministerial consultation for NHPC stake sale.
In the current fiscal the government plans to mop up Rs 43,425 crore from selling stake in PSUs.
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