Rs 6,000 cr NHPC issue at Rs 30-36/shr | business | Hindustan Times
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Rs 6,000 cr NHPC issue at Rs 30-36/shr

The National Hydro Power Corporation (NHPC) will shortly float an initial public offering (IPO) to mop up over Rs 6,000 crore—by far the biggest issue to hit the capital market in more than a year.

business Updated: Jul 24, 2009 21:01 IST

The National Hydro Power Corporation (NHPC) will shortly float an initial public offering (IPO) to mop up over Rs 6,000 crore—by far the biggest issue to hit the capital market in more than a year.

The Empowered group of Ministers (EGoM) chaired by Finance Minister Pranab Mukherjee met on Friday evening and finalised a price band between Rs 30 and Rs 36 per share — higher than the Rs 25 and Rs 30 band proposed by the company’s board.

Speaking to Hindustan Times power minister Sushil Kumar Shinde said: “I had suggested an increase in the price band.”

At Rs 36 per share the government will be able to raise Rs 2,012 crore through divesting its 5 per cent stake in the company and the company will be able to raise Rs 4,026 crore.