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Government today cleared 11.36% stake sale in NHPC, that could fetch over Rs 2,800 crore to the exchequer.
The Cabinet Committee on Economic Affairs (CCEA) has cleared sale of government's 11.36% in NHPC through an Offer For Sale (OFS), sources said.
At the current market price of Rs 22.40 a piece, sale of 11.36% or 125.76 crore shares would fetch over Rs 2,800 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 disinvestment department has already selected three merchant bankers -- Edelweiss Financial, IDFC Capital and HSBC Securities-- for managing the NHPC stake sale.
In the current fiscal, the government plans to mop up Rs 43,425 crore from selling its stakes in PSUs.
