Aug 28, 2009

NHPC Listing on Exchanges on 1st September 2009

The State-run NHPC has decided to be listed on the stock exchanges on the 1st of September, 2009 which will make it the first public sector firm to be available to trade under
the second term of the Congress-led UPA government.

"From September 1, 2009, the equity shares of NHPC Ltd shall be listed and admitted to dealing in the exchange," the Bombay Stock Exchange (BSE) said in a statement today.

The issue price of NHPC shares has been fixed at the upper band of the IPO at Rs 36 a share.

The government run power producer raised Rs 6,000 crore through its initial public offer (IPO), which closed on August 12. It had come up with 167.73 crore shares in the primary market within the price band of Rs 30-36.

Over one-third stake is being held with the government in NHPC, which is the sole promoter of the company.

NHPC would use the IPO proceeds to part fund its ongoing investments in 11 projects. It also has plans to add 14,000 MW of power by 2020 for which it has either completed survey of projects or was in the process of surveying several others.

With an installed capacity of 4,815 MW, the company has 11 projects under construction aggregating to a total capacity of 4,622 MW. The new projects are likely to be commissioned by 2012.

With the completion of NHPC's IPO, the disinvestment programme of UPA-II has started on a high note as the IPO was over subscribed 23 times.

The previous tenure of the UPA government saw the listing of three power sector PSUs - PFC, PGCIL and REC.

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