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Rediff.com  » Business » NTPC IPO opens on Oct 7, priced at Rs 52-62

NTPC IPO opens on Oct 7, priced at Rs 52-62

September 21, 2004 20:40 IST

National Thermal Power Corporation on Tuesday announced a price band of Rs 52 to Rs 62 per share for sale of 86.5 crore shares through a combined offer of 86.5 crore shares for sale of government equity and public offer, likely to begin from October 7.

At the top of the band, NTPC could mop up Rs 5,368 crore (Rs 53.68 billion), half of which would go to the government as its share for sale of 43.29 crore (Rs 432.9 million) shares. At the lower end of the band, the corporation could mop up Rs 4,498 crore (Rs 44.98 billion).

The pricing for the issue, which would close on October 14, would be decided on October 16, informed sources said.

"The price band of Rs 52-62 has been decided by the pricing committee," NTPC Director (Finance) P Narasimha Ramulu said.

The pricing committee includes NTPC Chairman C P Jain, Narasimha Ramulu and other officials including from the ministry of power.

The issue received all the mandatory clearances from the concerned authorities.

"We got the clearance from the Registrar of Companies today," Narasimha Ramulu said.

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