August 30, 2008

NHPC plans to launch IPO in second quarter

It is reported that National Hydroelectric Power Corporation Limited is planning to launch an initial public offering in the second quarter of the current financial year.

Mr SK Garg CMD of NHPC said that "We will be going to the market shortly. We are planning an IPO during the second quarter of this fiscal."

NHPC, which has a paid up capital of INR 11,500 crore, is likely to come out with a public offer of 167 crore shares, which would add 10% as fresh equity besides five per cent disinvestment. The shares would be face value of INR 10 each.

The issue, which was earlier slated to hit the market during the previous fiscal, got delayed since it did not have the requisite number of independent directors on its board, as stipulated under the clause 49 of SEBI’s listing norms.