NTPC follow-on offer likely in Feb first week
NTPC's follow-on public offering is likely to hit the market in the first week of February. The draft prospectus for the issue will be filed with SEBI on Monday, official sources said.
The Government is looking to offload 5 per cent stake in NTPC and expects to mobilise Rs 8,200-11,000 crore through the stake sale.
The capital market regulator has already allowed fast-track process for the issue, which is most likely to open on February 3.
The auction process will be followed for the qualified institutional buyers category.
In 2004, the Government had mopped up nearly Rs 2,700 crore by selling a 5.24 per cent stake in NTPC, which is the country's largest power producer. After the 5 per cent stake sale next month, the Government holding in NTPC will come down to 84.5 percent from the current 89.5 per cent.
The Rural Electrification Corporation (REC) transaction, which will follow the NPTC stake sale, is expected to happen in the third week of February, sources added. Indications are that the REC issue will hit the market on February 19.
The Centre is looking to divest 5 per cent stake in REC, which will also issue fresh equity of 15 per cent.
Meanwhile, the NMDC stake sale is likely to begin on March 10.
The Centre wants to divest 8.38 per cent stake in NMDC, which is the country's largest iron ore producer.
The last disinvestment transaction for the current fiscal is likely to be Satluj Jal Vidyut Nigam Ltd, which will come out with an initial public offering in the last week of March, official sources said.
In the next fiscal, besides SAIL's follow-on public offer, the initial public offers of Coal India and Bharat Sanchar Nigam Ltd are on the cards.
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