New Delhi, Sept 21: Long-awaited plans of power PSUs, National Thermal Power Corporation and Power Finance Corporation, to tap capital market with initial public offers have got further delayed with the power ministry now asking them to rework their proposals to address some of its concerns. "Some concerns were expressed with regard to their (NTPC and PFC) proposals and we have asked them to rework the details," power secretary R V Shahi said while emphasising that the ministry was in favour of these corporations going to capital market with their IPOs.
Officials of the two corporations either were not available or refused to comment.
Shahi said PFC wanted to return some equity to government and certain concerns were expressed but did not elaborate.

In its original proposal, NTPC had sought government permission for creating a different class of shares under Section 86 of the companies act, whereby the public shareholders would be considered for higher rate of returns than what is being given to the government.
NTPC has an equity base of Rs 8,000 crore with a networth of over Rs 31,000 crore and the corporation had desired to enhance its equity only by five per cent against the Sebi stipulation of 10 per cent.
In case of PFC, the corporation had approached the ministry of power to return 60 per cent of its equity to government on par. Sources said this proposal could be unacceptable to the ministry. Bureau Report