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The government has initiated the process for sale of further 9.50 per cent in power generation major NTPC to meet its disinvestment target of Rs 30,000 crore in the current fiscal.
The Department of Disinvestment has proposed stake sale of NTPC. The government would soon clear sale of about 78.33 crore shares resulting in 9.50 per cent stake dilution in the NTPC Ltd, official sources said.
With the proposed disinvestment, the government is expected to mop up about Rs 13,100 crore.
The divestments will be by Offer for Sale (OFS) of shares through the stock exchanges, sources added.
The Government of India currently holds 84.50 per cent stake in NTPC. Post disinvestment, the government stake would come down to 75 per cent.
NTPC became public with its initial public offering hitting the market in 2004. Thereafter in 2009, the government further diluted its stake through Follow—on Public Offer (FPO).
The company had reported a net profit of Rs 9,223.73 crore in the last fiscal as against Rs 9,102.59 crore in the 2010—11.
NTPC recorded a turnover of Rs 61,002.20 crore in 2011—12 as compared to Rs 54,704.55 crore in the previous fiscal.
The market capitalisation of the company stood at 1,34,194.93 crore at the end of March 2012.
Shares of NTPC ended at Rs 164.25, down 1.32 per cent over the previous close on the BSE.
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