India set to raise $730 mn from NTPC stake sale

New Delhi, Feb 24 (ANI): India's sale of a five percent stake in top power producer NTPC Ltd. received bids for 80 percent more shares than were on offer for institutional investors on Tuesday, setting the government on course to raise about $730 million. Retail investors, for whom a fifth of the NTPC issue is reserved, can place bids on Wednesday, after which the final price and total proceeds will be ascertained. Unsubscribed shares from the retail portion will be allocated to the funds.