Wednesday, October 8, 2008

NHPC Defers IPO Plan Till Improvement - Oct 8, 2008

NHPC had planned earlier to come out with IPO to raise an estimated Rs 1,670 crore, but now will wait till market conditions improved as they are looking for the right time to enter to the market. According to earlier schedule, the company had planned to launch the offer between 13th to 17th October. The NHPC board had approved the offer.

The company has also proposed to come out with a public issue of around 111.82 crore fresh shares and 55.91 crore existing shares of Rs 10 each at a premium that is expected to generate about Rs 5,500 crore for the company and about Rs 2,800 crore for the government.

According to Anil Razdan, Power Secretary, "NHPC is ready to hit the capital market as all governmental approvals have been accorded. They are waiting for the right opportunity to enter the market (and) the company has told the ministry that as the market improves they will announce the IPO.

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