NHPC IPO before Diwali

Hydro power producer NHPC would hit the capital market for Initial Public Offer to raise Rs 1,670 crore fresh equity before Diwali in October, says Minister of State for Power Jairam Ramesh. Besides, NHPC8217;s plans to raise Rs 1,670 crore fresh equity through IPO, government will also divest its five per cent stake as part of disinvestment. The company has lined up whopping Rs 28,000 crore investment till 2012 to become over 10,000 MW utility from the present 5,200 MW generation capacity and the proceeds from the IPO would be partly utilised to finance the expansion. It plans to bring 167 crore shares of face value of Rs 10 each, to be offered at a premium.