New Delhi, April 28 (IANS) With the sale of 11.36 percent stake in National Hydroelectric Power Corporation (NHPC), the government on Thursday raised Rs.2,700 crore after the retail part oversubscribed 1.65 times.
Retail investors bid for over 41.45 crore shares of NHPC as against 25.15 crore reserved for them, according to the stock exchange data.
Over 100.61 crore shares were on offer on Wednesday for institutional bidders, while the remaining, over 25.15 crore, were set aside for retail investors for sales.
After allowing 5 per cent discount that the government offered to them, bids by retail investors totalled Rs.856.46 crore, 1.65 times the offer size.
NHPC is the first public sector undertaking to go for stake sale in the current fiscal, representing 11.36 percent of the total paid-up equity share capital. The government is selling over 125.76 crore shares in NHPC at a floor price of Rs.21.75.
Post the sale, the government stake in the hydro power producer will come down to 75 percent.
In Bombay Stock Exchange, NHPC stock closed on Thursday at Rs.21.15 per share, down 0.40 points.
The government has set a target of collecting Rs.56,500 crore from disinvestments in the current financial year.
Of this, Rs.30,000 crore is to come from selling stakes in PSUs and the balance Rs.26, 500 crore from strategic stake sale that involves divesting majority shareholding control.