New Delhi: The state-run NHPC may bring its initial public offer (IPO) of 167 crore equity shares during this fiscal only, provided market conditions stabilises.
“NHPC can come out with its IPO this fiscal. We have enough funds for various expansion plans. We are waiting for markets to stabilise,” CMD NHPC S K Garg told PTI.
NHPC had earlier scheduled to hit the market between 13-17 October. But the company deferred IPO considering volatility in the market. The company was to raise Rs1,670 crore worth fresh equity besides the premium to be decided later.
Last year the company had to shelve its plans as independent directors were not on the Board and this time uncertain market conditions are responsible.
NHPC, which accounts for 3.7% of country’s total power generation capacity, targets to double its power generation capacity by 2012 from the present 5,200 MW and has outlined expansion plans worth Rs28,000 crore.
NHPC had proposed 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 was expected to fetch the company about Rs5,500 crore and government about Rs2,800 crore.
NHPC was to utilise the proceeds of the issue for part financing seven hydro electric projects including 231 MW Chamera-III, 52 MW Parbati-III in Himachal Pradesh, 45 MW Nimmo Bazgo and 44 MW Chutak in Jammu and Kashmir, 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.