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NHPC's IPO in two months

July 09, 2009 13:26 IST
Union Power Minister Sushil Kumar Shinde on Thursday said state-owned hydro-electric giant NHPC will come out with its initial public offering (IPO) within two months.

The company has already begun the roadshow in Mumbai to attract investors and will soon be holding a similar exercise in Singapore, he said.

The company is expected to raise Rs 1,670 crore (Rs 16.70 billion) through its IPO. NHPC's public offer will account for 10 per cent of its present equity, while the government will divest a five per cent stake of the 100 per cent it currently holds.

The state-owned company plans to issue fresh equity of Rs 1,670 crore through the IPO, and it plans to bring 167 crore shares of a face value of Rs 10 each, which would be offered at a premium to be decided through the book-building process.

The company had filed the draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India on August 6 last year.

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