Click it and Unblock the Notifications
Just In
Don't Miss
-
Ranam Aram Thavarel Full Movie Leaked Online In HD For Free Download Hours After It Hit The OTT Platform -
Ford Territory SUV Name Trademarked – Likely To Be Positioned Below The Everest SUV -
Roman Reigns transitioning to Hollywood after WWE WrestleMania 40 loss -
IRFC, RVNL, IRCTC, Railtel: Railway Stocks In Focus As Election Polls Begin; Mega Rs 10-12 Lakh Crore Plan -
OnePlus Ace 3 Pro Leak Hints at New Design; Expected Launch, Specifications We Know So Far -
Summer Fashion: Your Bollywood Style White Outfits Guide To Keep It Cool And Chic -
Journey From Delhi To Ooty: Top Transport Options And Attractions -
IIIT-Bangalore Introduces PG Diploma In Digital Product Design And Management
NTPC's Rs 5,030-cr stake sale starts under new Sebi norms
New Delhi, Feb 23: Government's Rs 5,030 crore stake sale in India's largest power producer NTPC Ltd commenced on the bourses today, with institutional investors putting in bids for over two crore shares in the initial hour of trade.
The government is selling 41.22 crore shares, or 5 per cent, in NTPC at a floor or minimum price of Rs 122 apiece. If fully subscribed, the stake sale would fetch Rs 5,030 crore to the exchequer. In the secondary market, the scrip was trading at Rs 124.80, down 1.62 per cent over its previous close.
The share sale is the first under Sebi's revised offer for sale (OFS) rules that allow the bidding for shares spread over two days. The floor price of Rs 122 apiece was at a 3.82 per cent discount to yesterday's closing price of Rs 126.85 on the BSE.
While the issue opened for institutional bidders today, the retails investors, for whom 20 per cent shares have been reserved, will get to bid on Wednesday. Of the over 32.98 crore shares on offer for institutional investors, bids for over 2.10 crore shares have come in the initial hour of trade.
NTPC is the first company to hit the markets under the revised OFS guidelines of markets regulator Sebi. The bidding would continue till 1530 hours on both the days. A five per cent additional discount would be offered to retail investors, which are those who bid for shares worth not more than Rs 2 lakh.
SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities are the merchant bankers for the share sale. The Cabinet in May had approved the 5 per cent stake sale in NTPC.
The government holds 74.96 per cent in the firm. It had last sold stake in NTPC in February 2013. NTPC would be the sixth PSU to hit markets in the current fiscal.
The disinvestment department has held roadshows in Singapore, Hong Kong, London and in the US. So far this fiscal, the government has raised over Rs 13,300 crore through disinvestment in five PSUs - EIL, Indian Oil Corp, PFC, REC and Dredging Corporation.
This is against a target of Rs 69,500 crore for 2015-16. Volatile market conditions have affected the government's disinvestment plan, which mostly have commodity and oil stocks in the pipeline.
PTI
