New Delhi: The government has started roadshows in five countries, including the US, the UK and Japan, for promoting the proposed Rs13,000 crore stake sale in power producer National Thermal Power Corp (NTPC).
“The roadshows are on in the US, the UK, Japan, Singapore and Hong Kong and one of the teams is expected back in a day or two,” a top power ministry official told PTI.
Asked about the date of the offer, the official said that department of divestment will decide that. This was a proposal by the department of divestment, ministry of finance.
The government hopes to garner close to Rs13,000 crore from this offer. It has set a target of raising Rs30,000 crore in 2012-13 through stake sale in public sector units (PSUs) out of which it has already netted Rs6,900 crore so far.
In November last year, the government approved 9.5% stake sale in NTPC. It currently holds 84.5% stake in the company, which would come down to 75% post the offer. NTPC will not raise any fresh equity through this offer.
Last week, the government returned three coal blocks to NTPC which were taken back due to delay in developmental work. This move is aimed at boosting the valuation of the company for the share sale.
The three coal blocks - Chatti-Bariatu, Kerandari and Chatti-Bariatu (South), all in Jharkhand - were forfeited in 2011.
NTPC reported nearly 22% jump in its net profit at Rs2,596.76 crore in the third quarter ended December, 2012 as against Rs2,130.39 crore in the same period a year ago. At present, NTPC has a generation capacity of 39,674 MW. Shares of the company on Monday closed at Rs157.75, down 0.97% on the BSE.