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Disinvestment: Govt clears 11.36% stake sale in NHPC, may get Rs 2,800 cr

Cabinet Committee on Economic Affairs has cleared sale of govt's 11.36 per cent in NHPC...

By: PTI | New Delhi | September 10, 2014 9:41:21 pm
Government holds 85.96 per cent stake in NHPC. Government holds 85.96 per cent stake in NHPC.

Government today cleared 11.36 per cent stake sale in NHPC, that could fetch over Rs 2,800 crore to the exchequer.

The Cabinet Committee on Economic Affairs (CCEA) has cleared sale of government’s 11.36 per cent in NHPC through an Offer For Sale (OFS), sources said.

At the current market price of Rs 22.40 a piece, sale of 11.36 per cent or 125.76 crore shares would fetch over Rs 2,800 crore to the exchequer.

Government holds 85.96 per cent stake in NHPC. The stake sale would help the company comply with the minimum 25 per cent public shareholding norm of market regulator Sebi.

The disinvestment department has already selected three merchant bankers — Edelweiss Financial, IDFC Capital and HSBC Securities– for managing the NHPC stake sale.

In the current fiscal, the government plans to mop up Rs 43,425 crore from selling its stakes in PSUs.

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