August 29, 2008

NHPC plans IPO during January to March 2008

National Hydro Electric Power Corporation said that its initial public offering to dilute a 24% stake would be launched between January and March 2008.

Mr SK Garg CMD of NHPC said that "We are waiting for the appointment of independent directors by the government and hope to come out with our initial public offer in the last quarter of the current financial year.''

NHPC, wholly owned by the government, had filed draft documents for its IPO with the capital markets regulator SEBI in April 2007. The IPO was proposed to include over 111 crore fresh equity shares and offer for sale of more than 55 crore shares. Meanwhile, union government had approved the planned IPO in December 2006. NHPC proposes to add a capacity of 5,300 MW in the 11th five year plan.