The government's 5 per cent sale of stake in power generator NTPC witnessed a successful start on Tuesday with 86 per cent of shares reserved for institutional investors being subscribed by mid-day.
As per the conditions of offer for sale, a retail investor will not be able to bid for share of over Rs 2 lakh. The OFS issue will open for retail investors on Wednesday.
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Seshasayee, 69, who has been an Independent Director on the Board since January 2011, was appointed non-Executive Chairman on June 5, 2015 after incumbent K.V.
As many as 32.98 crore NTPC shares were offered to institutional buyers on the first day of the offer for sale (OFS), and the portion was over-subscribed 1.41 times. If that option is exercised, NTPC will raise Rs 14,000 crore. The government now owns almost 70% in the country's biggest power producer, which, after this transaction, could come down to about 60%.
At 09:35 hours IST, the Stock price was quoting at Rs 167.95, down Rs 5.40, or 3.12 percent on the BSE. For 2017-18, the government has set an ambitious disinvestment target of Rs 72,500 crore, 58% higher than the receipt of '46,247 crore in 2016-17. At present, the company has a market capitalisation of Rs 1,42,935 crore. The government has so far this fiscal raised over Rs 8,800 crore through disinvestment in six companies, including selling stake in L&T through Specified Undertaking of Unit Trust of India (SUUTI), and one share buyback.
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Apart from those, stakes in over 20 companies will be offloaded, these include Power Finance Corporation, NHPC, Indian Oil Corporation and Neyveli Lignite Corporation India. New Delhi has raised 200 billion rupees though divestments so far this year, he said. The principal business activity of the company is the electric power generation by the coal-based thermal power plant.
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