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NHPC draws up capex of Rs 14,000 crore

Last Updated: Thursday, July 30, 2009 - 18:58

Mumbai: State-run power company NHPC has
drawn up a capex of Rs 14,000 crore and plans to raise up to
Rs 6,039 crore through an initial public offer (IPO), a top
company official said.

"We are raising around Rs 6,039 crore through our IPO to
part-finance our Rs 14,000 crore capex plan," NHPC Chairman
and Managing Director S K Garg told reporters here today.

The company has fixed the price band between Rs 30 and Rs
36 a share for its IPO of 168 crore equity shares of Rs 10
each for cash at a price to be decided through the 100 per
cent book-building process.

The issue, which opens on August 7 and closes on August
12, will constitute 13.64 per cent of the post-issue capital
of NHPC.

The issue comprises a fresh issue of 112 crore equity
shares by NHPC and an offer for sale of 56 crore equity
shares by the Ministry of Power.

"The Government will get Rs 2,013 crore through
divestment and Rs 4,026 crore will flow into our kitty," Garg
said, adding that there are no anchor investors for the IPO.

Following this public offer, NHPC is likely to come out
with a follow-up issue in the near future.

Bureau Report

First Published: Thursday, July 30, 2009 - 18:58

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