Govt to get over Rs 11,500 cr from NTPC share sale
Posted on: 05:37 PM IST Feb 07, 2013
New Delhi: The government on Thursday said it is satisfied with the response to National Thermal Power Corporation (NTPC) share sale and expects to garner more than Rs 11,500 crore from the offer, the biggest disinvestment mop up so far this fiscal.
"The government is satisfied with the response to this (NTPC) offer. We expect more than Rs 11,500 crore from the issue," Disinvestment Secretary Ravi Mathur said in New Delhi after the offer closed for subscription.
The total demand received is for 132.84 crore shares and indicative price is Rs 145.91. Thus, the offer has been subscribed 1.7 times, he said. Sharing further details, Mathur said there was good participation from foreign institutional investors (FIIs).
"One FII bid for 1,000 crore shares in the early hours of the trade. More order inflow came in towards the end of the day. Individually, FIIs have put in USD 50-100 million," he said.
The government had fixed the floor price for the 9.5 per cent stake auction of NTPC at Rs 145 per scrip. The government is selling 78.32 crore shares or 9.5 per cent of its stake in NTPC through the offer for sale route.
It holds 84.50 per cent stake in NTPC. After stake sale, its holding will come down to 75 per cent.
So far this fiscal the government has already raised over Rs 10,000 crore through stake sale in PSUs like Oil India, NMDC and HCL.