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Wednesday, Sep 22, 2004

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NTPC issue price band set at Rs 52-62

Our Bureau

Mumbai , Sept. 21

THE price band for NTPC's first equity public offering has been fixed at Rs 52-Rs 62 per share. On Monday, the company filed the preliminary prospectus with the Registrar of Companies.

The issue will open on October 7 and close on October 14. The company will offer 86.583 crore shares of Rs 10 each.

Of these, 43.2915 crore shares will be issued fresh by NTPC while an equal number of Government-held shares will be offered for sale, a news release said.

The issue will reduce the Union Government's equity stake in NTPC to 89.50 per cent of the expanded capital.

ICICI Securities, Enam Consultants and Kotak Mahindra Capital Company are lead managers to the offer. The money raised from this equity issue will be invested in doubling NTPC's power generation capacity to around 40,000 MW by 2012.

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