National Hydroelectric to approach SEBI to expedite IPO offer

August 5th, 2008 - 11:22 pm ICT by IANS  

New Delhi, Aug 5 (IANS) The state-run National Hydroelectric Power Corp (NHPC ) would approach the Securities and Exchange Board of India (SEBI) in the next two days with a request to expedite the process for its initial public Offering (IPO), a senior official said Tuesday. The NHPC board, which met Tuesday, decided to raise at least Rs.15.90 billion through the IPO to partly fund its expansion projects, the official said.

NHPC, which plans to double its power generation capacity from the present 5,200 MW by 2012, has outlined expansion plans worth Rs.280 billion.

It plans to bring 1.67 billion shares of a face value of Rs.10 each, which would be offered at a premium to be decided through book building process. The IPO would comprise sale of 10 percent of fresh equity shares and five percent disinvestment of government equity.

About 11 projects of the company are under construction, of which Teesta Stage-III (West Bengal) would be commissioned in September 2009, Sewa-II (Jammu and kashmir) in 2010 and the remaining eight by 2011.

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