Business Daily from THE HINDU group of publications
Friday, Sep 21, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Sep 21, 2007 ePaper |
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Markets
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IPOs Our Bureau New Delhi, Sept. 20 State-owned National Hydroelectric Power Corporation (NHPC) plans to launch its initial public offering during the fourth quarter of the current fiscal. “We are waiting for the appointment of independent directors by the Government and hope to come out with IPO in the last quarter of the current financial year,” NHPC’s Chairman and Managing Director, Mr S.K. Garg, said on Thursday. “We have a mandate for (selling) 24 per cent… We hope to launch an initial public offer for 10 per cent, and an additional 5 per cent disinvestment of Government stake in the firm,” Mr Garg told presspersons on the sidelines of the India Electricity 2007 seminar here. The company, presently wholly-owned by the Centre, had filed draft documents for its IPO with the SEBI in April this year. The IPO was proposed to include over 111 crore fresh equity shares and offer for sale of more than 55 crore shares. Following the public float, the Government stake in the hydroelectric power major company would come down to about 86 per cent. NHPC plans to utilise the net proceeds of the proposed IPO to part-finance the construction and development costs of six of its projects currently under construction and for general corporate purposes. More Stories on : IPOs | Power
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