NHPC debuts with 16.60 per cent premium on NSE
01 Sep 2009
National Hydro Power Corporation Ltd (NHPC) was listed on the bourses at a premium of up to 16.60 per cent as the shares started trading on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Tuesday.
On the NSE, the stock was listed at Rs42 today, a 16.60 per cent premium over its issue price of Rs36 a share.
NHPC, the first public sector firm to hit the bourses, listed at a premium of eight per cent at Rs39.75 on the Bombay Stock Exchange. The scrip was later quoted at Rs37.45 and over 124 million shares were traded.
"The company raised Rs6,037 crore by offloading 10 per cent equity shares to the public," A B L Srivastava, director-finance of NHPC said after the listing ceremony.
The IPO was reported to have subscribed 23.73 times, helped mainly by the low pricing.
The company proposes to utilise Rs4,000 crore of the amount so raised for project operations while the remaining will go to the government as income from divestment, he said.
"Of this, we will use Rs4, 000 core for project operations and the remaining will go to the government," he added.