India eyes $2.4 bln from NTPC stake sale - report | business | Hindustan Times
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India eyes $2.4 bln from NTPC stake sale - report

business Updated: Dec 15, 2009 11:42 IST

India aims to raise 110 billion rupees ($2.4 billion) from a stake sale in state utility NTPC, up from earlier plans of 82 billion rupees, by pricing the offer at a premium, the Economic Times reported on Tuesday.

The government had approved a 5 percent stake sale in NTPC in October as part of efforts to speed up reforms and raise more resources for social schemes.

Citing two unnamed bankers involved with the deal, the newspaper said the government has asked investment bankers to raise the offer price from the market price.

Follow on public offers are normally priced at a small discount to the market price, the paper said.

Shares in NTPC, India's largest utility with a market value of $36.9 billion, closed down 0.5 percent at 207.95 rupees on Monday in a weak Mumbai market.

The government has appointed JP Morgan, Citigroup, Kotak Mahindra Capital <KTKM.BO> and ICICI Securities as managers for the issue.