NTPC share auction floor price set at 4.5% discount

The floor price for state-run power utility NTPC Ltd's share sale, scheduled for tomorrow, has been set at Rs. 145, or a 4.5% discount to its today's close, said the company, valuing the sale at about $2.14 billion.

The floor price for state-run power utility NTPC Ltd's share sale, scheduled for Thursday, has been set at Rs. 145, or a 4.5% discount to its Wednesday's close, said the company, valuing the sale at about $2.14 billion.

The government expects to raise $2.25 billion from the offer, the disinvestment secretary has said.

The government will sell a 783.26 million shares or 9.5% stake in NTPC through the single-day auction, as part of its drive to raise Rs. 270 billion by selling shares in some state enterprises in the 2012/13 fiscal year.

Ahead of the share sale, NTPC shares closed at Rs. 151.80 rupees on Wednesday, down 2.4% in a weak Mumbai market.