New Delhi: As many as three of the seven hydro electric projects, which are proposed to be funded from the proceeds of the initial public issue by the state-owned NHPC Limited, are running behind schedule.
The hydro electric prower generation projects, which will miss the deadline include 2000 MW Subansiri Lower project in Arunachal Pradesh, 240 MW Uri-II project in Jammu and Kashmir and 160 MW Teesta Low Dam-IV in West Bengal, says the draft offer document filed with the market regulator Securities and Exchange Board of India (SEBI).
NHPC is proposing to come out with a public issue of about 111.82 crore fresh shares and 55.91 crore existing shares of Rs10 each at a premium that is expected to fetch the company about Rs5,500 crore and government about Rs2,800 crore.
The public sector company is propsing to utilize the proceeds of the issue for part financing seven hydro electric projects which also include 231 MW Chamera-III and 52 MW Parbati-III in Himachal Pradesh and 45 MW Nimmo Bazgo and 44 MW Chutak in Jammu and Kashmir.
As regards the projects running behind schedule, the company has already spend Rs2,229 crore towards the mega Subansiri Lower proejct, which was originally scheduled to be completed by September 2010.
The completiton date for the 2000 MW Subansiri hydel project, according to the draft offer document, has been shifted to January 2012.