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New Delhi, Sept. 11 The proposed initial public offerings of State-owned National Hydro Power Corporation and Rural Electrification Corporation are expected to hit the market before March next, with clearances to the appointment of independent directors to their boards expected shortly, the Power Minister, Mr Sushilkumar Shinde, said here on Tuesday.

“The file has been sent (to the Appointment Committee of the Cabinet),” Mr Shinde said. The appointment of independent directors is to be done in line with Clause-49 of SEBI’s listing agreement, which mandates independent directors to make up half of the company’s board if it has a Chairman and Managing Director at the helm.

While NHPC had filed the draft red herring prospectus with the market regulator in April and REC in August, both proposals were held up since the appointment of requisite number of independent directors was pending.

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