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26th Ramadan 1435 | Friday, Jul 25, 2014
Business

NTPC share sale over-subscribed; Govt to garner over Rs 11,500 cr

Thursday, 7 February 2013
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New Delhi, February 07:

The government on Thursday said it is satisfied with the response to NTPC's share sale and expects to garner more than Rs 11,500 crore from the offer -- the biggest disinvestment mop up so far this fiscal.

"The government is satisfied with the response to this (NTPC) offer. We expect more than Rs 11,500 crore from the issue," Disinvestment Secretary Ravi Mathur said here after the offer closed for subscription.

The total demand received is for 132.84 crore shares and indicative price is Rs 145.91. Thus, the offer has been subscribed 1.7 times, he said.

Sharing further details, Mathur said there was good participation from foreign institutional investors (FIIs).

"One FII bid for 1,000 crore shares in the early hours of the trade. More order inflow came in towards the end of the day. Individually, FIIs have put in USD 50-100 million," he said.

The government had fixed the floor price for the 9.5 percent stake auction of NTPC at Rs 145 per scrip.

The government is selling 78.32 crore shares or 9.5 percent of its stake in NTPC through the offer for sale route. It holds 84.50 percent stake in NTPC. After stake sale, its holding will come down to 75 percent.

So far this fiscal the government has already raised over Rs 10,000 crore through stake sale in PSUs like Oil India, NMDC and HCL.

PTI

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