Mumbai: State-owned NTPC Ltd, India’s biggest power generator, received bids for more than all the shares offered by the government on the last day of a sale aimed at raising funds to help plug the budget deficit.

Investors bid for 490.5 million shares compared with 412.3 million offered, according to data on the National Stock Exchange and Bombay Stock Exchange websites. NTPC has received bids worth at least Rs9,850 crore, based on the floor of Rs201 a share.

Union power secretary H.S. Brahma said though he was happy with NTPC’s follow-on public offer performance, his ministry would try to ascertain reasons behind the less than expected response.

R.S. Sharma, chairman and managing director, NTPC said “The QIB (qualified institutional buyer) portion has been subscribed 2.18 times. Specially today, when all the markets have tanked, NTPC has stood quite well."

Utpal Bhaskar contributed to this story