NTPC and REC follow-on offers to hit the market this year

State-owned utilities NTPC and Rural Electrification Corporation (REC) will hit the capital market with their follow-on public offers (FPO) to raise about Rs 9,000 crore by the end of the current financial year.

“NTPC and REC follow-on issues will come up before March 2010,” Power Secretary H S Brahma said.

The government is likely to divest 10 per cent of its holding in the country’s largest power generator NTPC, which also plans to offer 10 per cent fresh equity and hopes to raise Rs 6,000 crore through this follow-on offer.