NHPC to raise up to Rs 1,700 cr via IPO

New Delhi, Sep 20 (UNI) State-owned National Hydroelectric Power Corporation (NHPC) today said it will raise Rs 1,700 crore from its proposed Initial Public Offering (IPO), to be out in the last quarter (January-March) of the current fiscal.

Post-issue, government equity in the company will be 86 per cent, company's Chief Managing Director S K Garg told reporters here.

''We had a mandate for (selling) 24 per cent, but we hope to launch an initial public offer for 10 per cent, and an additional five per cent disinvestment of goverment stake in the firm,'' he added.

The 167 crore equity shares of Rs 10 face value each could garner about Rs 1,700 crore for the power company, he added.

''We are waiting for the appointment of independent directors by the government,'' Mr Garg said.

He further said the company's capacity will be augmented to 5,300 mega watt.

NHPC was expecting to come out with its proposed IPO this month but the matter has run into rough weather following a delay in the appointment of independent directors as per SEBI's directions. SEBI had asked the company to appoint independent directors on its board as per the clause 49 of listing agreement. The government is yet to take a decision on these appointments.

UNI