NHPC 1670 crore IPO by August in market….
Hydro power firm NHPC Ltd is likely to launch its much-awaited Rs 1,670-crore initial public offer by August to part finance its expansion plans.
- NHPC plans to issue 10 per cent of its new equity shares in the public offer, while the government alongside will divest its five per cent stake in the company.
- According to the listing norms by market regulator SEBI, independent directors should form 50 per cent of the board which is headed by executive chairman. To meet SEBI norms, NHPC should have seven independent directors on board before it can go to the market.
- There are six independent directors on NHPC’s board, once the seventh member is finalised it can hit the capital market.
- NHPC plans to raise Rs 1,670 crore fresh equity through IPO, it plans to bring 167 crore shares of face value of Rs 10 each, which would be offered at a premium to be decided through book building process.
With the Congress party getting a clear mandate, Prime Minister Manmohan Singh-led government is likely to push for divestment of government’s stake in blue-chip public sector firms to garner resources needed for meeting flagship schemes
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