Financial Daily from THE HINDU group of publications
Saturday, Sep 25, 2004
Industry & Economy - Power
NTPC likely to list on Nov 8 or 9
Mr C.P. Jain, CMD, NTPC (right), addressing a press conference along with Mr R.V. Shahi, Power Secretary, in the Capital on Friday. - Kamal Narang
New Delhi , Sept. 24
NATIONAL Thermal Power Corporation (NTPC) is expected to list on the stock exchanges on November 8 or 9.
"We are planning to list around Diwali. As per the tentative schedule, the listing may take place on November 8 or 9," the NTPC Director (Finance) Mr P. Narsimharamulu, told newspersons here.
NTPC's initial public offering (IPO) of 86.5 crore shares through a 100 per cent book-built issue will open on October 7 and close on October 14, the NTPC Chairman and Managing Director, Mr C.P. Jain, said here at a press conference.
The company has fixed a price band of Rs 52-Rs 62 per share of Rs 10 each. The pricing for the issue will be decided on October 16, officials said.
At the top of the band, NTPC could mop up Rs 5,368 crore, half of which will go to the Government as its share for the sale of 43.29 crore shares. At the lower end of the band, the power major could mop up Rs 4,498 crore.
Post-IPO, the Government's stake in NTPC will decline to 89.50 per cent.
Qualified institutional buyers will be allocated 50 per cent of the shares, while high net worth individuals and NRIs will take away 25 per cent of the total shares. The remaining 25 per cent will be allotted to retail investors.
The Power Secretary, Mr R.V. Shahi, said NTPC could add around 16,000 MW in the Eleventh Plan period (2007-2012). Currently, the estimate is 11,000 MW.
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