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NHPC to hit market to mop up Rs. 1,670 crore

— PHOTO: R. V. MOORTHY

COMPETITIVE MARKETS: Power Minister Sushil Kumar Shinde with Jignesh Shah, Chairman and Group CEO of Financial Technologies at a seminar in New Delhi on Wednesday.

NEW DELHI: Acting on the government’s disinvestment plans, state-run NHPC (formerly known as National Hydroelectric Power Corporation Ltd.) will hit the market next month with its initial public offering of shares to mop up Rs. 1,670 crore. “The IPO will come in August; the company has already started the road shows for the same,” Power Secretary H. S. Brahma told reporters here on Wednesday. The public offer will account for 10 per cent of its present equity, while the government will divest a five per cent stake of the 100 per cent it now holds.

NHPC plans to issue 167 crore shares of a face value of Rs. 10 each for Rs. 1,670 crore through the IPO. The shares would be offered at a premium to be decided through the book-building process. — PTI

ANI reports:

Union Minister for Power Sushil Kumar Shinde on Wednesday said the government’s initiative to establish power exchanges in India had benefited the country.

“Power is a high priority sector for the government and policy initiatives will continue to promote competition, efficiency, restructuring and investment,” said Mr. Shinde while delivering the inaugural address at a seminar on ‘Journey to competitive markets’, organised by the Indian Energy Exchange, here.

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