The Hindu Business Line : NTPC issue attracts $15b, 260 FIIs

THE offering of NTPC shares created the highest ever demand for any equity issue in India in value terms and attracted the largest number of foreign institutional investors.

The NTPC sale of over 86 crore shares comprising 10.5 per cent of the company's equity capital attracted a record $15 billion and about 260 FIIs. That beats ONGC's issue, which had about 200 FIIs vying for the oil explorers' equity shares. The shares, finally priced at Rs 62 per share, are likely to be listed on the exchanges on November 5.

Mr Ajay Sondhi, Vice-Chairman and Managing Director, Kotak Securities, one of the managers of the issue, said this was the first time ever that a public sector company has issued new shares along with the Government selling from its own stake. The issue, which was subscribed 13 times, also had its employees' quota subscribed 1.8 times.

He said the NTPC issue also underscored the growing retail interest in the primary market for equities. While the equity offering from Maruti Udyog last year had attracted 2.8 lakh application forms, the number rose to eight lakh for the ONGC issue. The TCS issue saw over 12.5 lakh applications. However, the NTPC issue collected over 15 lakh application forms, he said.

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NTPC issue attracts $15b, 260 FIIs