NHPC share sale fully subscribed

New Delhi, April 28

Kicking off the current fiscal's disinvestment programme, the government today raised Rs 2,700 crore from sale of its 11.36% stake in hydropower producer NHPC after the issue got oversubscribed 1.65 times.

A day after institutional bidders poured in Rs 3,410 crore to seek 1.58 times the shares reserved for them, retail investors bid for over 14.5 crore shares or 58% of 25.15 crore reserved for them, according to the stock exchange data.

The government is selling over 125.76 crore shares, or 11.36% stake, in NHPC at a floor price of Rs 21.75. Of this, over 100.61 crore shares were offered to institutional investors yesterday.

At the floor price of Rs 21.75, the sale of over 125.76 crore shares fetched Rs 2,700 crore to the exchequer.

A 5% additional discount is being offered to retail investors, who are classified as those bidding for shares worth up to Rs 2 lakh.

However, the NHPC stock slipped below the floor price of Rs 21.75 in a weak market and closed at Rs 21.15 on the BSE. PTI