NHPC plans IPO

New Delhi: National Hydroelectric Power Corp Ltd (NHPC) plans to launch an initial public offering in the second quarter of the current financial year. “We will be going to the market shortly. We are planning an IPO during the second quarter of this fiscal,” Mr S.K. Garg, Chairman and Managing Director, said here at an industry conference.

NHPC, which has a paid-up capital of Rs 11,500 crore, is likely to come out with a public offer of 167 crore shares , which would add 10 per cent as fresh equity besides five per cent disinvestment. The shares would be face value of Rs 10 each.

The issue, which was earlier slated to hit the market during the previous fiscal, got delayed since the company did not have the requisite number of independent directors on its board, as stipulated under the Clause 49 of SEBI’s listing norms.