NHPC shares to be listed from 1 September
28 Aug 2009
Shares in the National Hydroelectric Power Corporation, which recently came out with an initial public offering, will be listed on 1 September on the Bombay Stock Exchange and the National Stock Exchange.
"From 1 September, the equity shares of NHPC Ltd shall be listed and admitted to dealing in the exchange," the Bombay Stock Exchange (BSE) said in a statement on Friday. The issue price of NHPC shares has been fixed at Rs36 a piece.
The government-run power producer raised Rs 6,000 crore through its IPO, which closed on 12 August and was oversubscribed by 23 times. It had come out with 167.73 crore shares in the primary market in the price band of Rs 30-36.
Over one-third stake in NHPC is held by the government, which is its sole promoter. NHPC would use the IPO proceeds to part fund its ongoing investments in 11 projects. It also has plans to add 14,000 mw of power by 2020, for which it has either completed survey of projects or is in the process of doing so.
The positive reaction to the NHPC offer would have been encouraging for the UPA-led government, which expects to divest some of its stake in Oil India Ltd soon.