In a strategic move, the government on Wednesday (January 17) set in motion a stake sale plan for state-owned power producer NHPC Ltd, intending to divest a 3.5% stake through an Offer for Sale (OFS) at ₹66 per share.
The OFS includes a base size of 2.5%, with an additional 1% offered through the Green Shoe option. The offering is scheduled to open for non-retail investors on January 18, followed by the retail investor segment on January 19.
Offer for sale in NHPC opens tomorrow for non-retail investors. Retail investors can bid on Friday. The government will divest 3.5% equity including Green Shoe option of 1%. pic.twitter.com/MnsPKBO7eN
— Secretary, DIPAM (@SecyDIPAM) January 17, 2024
As part of the OFS, the government will sell over 25 crore equity shares in NHPC, with a greenshoe option to sell 10 crore more.
The floor price of ₹66 a share is at a discount of 9.66% over Wednesday's closing price of NHPC shares. At the floor price, the OFS would fetch about ₹2,300 crore to the exchequer.
Shares of NHPC Ltd ended at ₹73.06, up by ₹0.65, or 0.90% on the BSE.
First Published: Jan 17, 2024 10:26 PM IST
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