NEW DELHI: State-run hydro power producer NHPC, which was planning to come out with an initial public offering (IPO), is withholding the offer for the time being. "NHPC is ready to hit the capital market as all governmental approvals have been accorded. They are waiting for the right opportunity to enter the market (and) the company has told the ministry that as the market improves they will announce the IPO," Power Secretary Anil Razdan told PTI. The company had earlier scheduled the launch of the offer between October 13 and 17. The NHPC board had approved the IPO together with 5% disinvestment of government stake in the first week of August. Asked whether NHPC has filed the final prospectus with Sebi, company officials said it would be submitted along with replies to the queries raised by the market regulator. This is the second time that NHPC is delaying the launch of the IPO. Last year, the company had to first shelve its plans as the requisite number of independent directors were not on the board. NHPC, which accounts for 3.7% of the country's total power generation capacity, is planning to double capacity by 2012 from the present 5,200 Mw, and has outlined expansion plans worth Rs 28,000 crore. The company had proposed to come out with a public issue of about 111.82 crore fresh shares and 55.91 crore existing shares of Rs 10 each at a premium that is expected to fetch the company about Rs 5,500 crore and the government about Rs 2,800 crore. |
Published on 
Tags:
