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

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New Delhi, Sept 20: 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.

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

Mr Garg said the 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

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