Corporate News Details
Mumbai:The state-run NHPC will come out with its initial public offering of shares to garner Rs 1,670 crore next month. NHPC's IPO will come in August; the company has already started the road shows for the same, Power Secretary H S Brahma told reporters. The public offer of the company will account for 10 per cent of its present equity, while the government will divest a stake of five per cent of the 100 per cent it currently holds. Through this IPO, NHPC plans to issue fresh equity of Rs 1,670 crore and it plans to bring 167 crore shares of a face value of Rs 10 each, which would be offered at a premium to be decided through the book-building process.
The company had filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on August 6 last year but it was rejected by the SEBI as the company did not have the required strength of non-official directors on its board, which it now has.
The company has earmarked an investment of Rs 28,000 crore in the current XIth Five-Year Plan (2007-12) to become an over 10,000 MW company from 5,200 MW currently. The IPO proceeds will be partly utilised to finance the expansions.
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