Centre to sell 11.36% stake in NHPC today

As per the revised OFS rules, non-retail investors could bid for NHPC shares on Wednesday while retail investors would do so on Thursday.

By: ENS Economic Bureau | Ahmedabad/new Delhi | Published: April 27, 2016 4:12 am

The government will sell 11.36 per cent stake in NHPC through an offer for sale (OFS) on Wednesday to raise about Rs 2,700 crore in an early start to this fiscal year’s Rs 56,500-crore disinvestment programme.

As per the revised OFS rules, non-retail investors could bid for NHPC shares on Wednesday while retail investors would do so on Thursday. The government has fixed the floor price for the NHPC OFS at Rs 21.75/share, giving nearly 6 per cent discount to the stock’s Tuesday closing price of Rs 23.05 on BSE. Currently, the Centre holds 85.96 per cent in the hydro power public sector enterprise (PSEs).

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Separately, the rechristened Department of Investment and Public Asset Management (DIPAM) also invited bids from merchant bankers to manage the government’s 10 per cent stake sale in Oil India that could fetch it about Rs 1,900 crore.

Besides Oil India, the government has lined up small stake sales in more than a dozen PSEs, including NMDC, Coal India, Oil and Natural Gas Corporation, Hindustan Aeronautics Ltd and Power Finance Corporation. FE

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