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Business News/ Market / Stock-market-news/  Nearly 50% NTPC staff participated in divestment of company

New Delhi: Close to 50% employees of NTPC had participated in the disinvestment of state-run power producer and the government realised 203.78 crore. The offer of shares by government to eligible employees of NTPC Limited was carried out from 27 June to 05 July.

“The offer-for-sale for employees of NTPC Limited got an enthusiastic response from the employees with nearly 50% participating in the offer," the finance ministry said in a statement. Employees applied for 85.3% of about 2 crore shares on offer for allotment.

The offer price for them was 115.9 per share. This is one of the highest employees participation in post OFS disinvestment process of any company, the ministry said, adding the employees participation in the disinvestment process “gives a sense of belongingness to the company".

The employee offer was made pursuant to the decision of the government to disinvest 5% of its stake in NTPC on 13 May last year. The government had approved that shares may also be allotted to the eligible and willing employees of the company up to a maximum of 0.25% of the paid up equity capital at a discount of 5%.

The OFS of NTPC was completed on 24 February. The total realisation was 5,014.55 crore. The lowest cut off during the OFS was 122 per share. Accordingly, after 5% discount the offer price for employees was 115.90 per share.

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Updated: 15 Jul 2016, 10:09 PM IST
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