NHPC draws up capex of Rs 14,000 crore

NHPC draws up capex of Rs 14,000 crore 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