Markets | NHPC to use excess IPO funds on new plants

Markets | NHPC to use excess IPO funds on new plants
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First Published: Sat, Aug 01 2009. 12 12 AM IST
Updated: Sat, Aug 01 2009. 12 12 AM IST
New Delhi: NHPC Ltd, India’s biggest hydroelectric power generator, will use excess funds it expects in an initial public offering, or IPO, starting next week to build at least seven planned plants. “We may get as much as Rs4,000 crore, chairman S.K. Garg said on Friday. “That will leave us with a surplus of Rs2,000 crore, which we plan to use for 16 projects with a total capacity of 14,000MW.”
The offering by state-owned NHPC, including a Rs2,000 crore stake sale by the government, may raise as much as Rs60 billion, making it the biggest in 18 months in India.
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First Published: Sat, Aug 01 2009. 12 12 AM IST