NHPC on Tuesday received warm response, listing at a premium of eight per cent over its issue price of Rs. 36 on the Bombay Stock Exchange.“The company raised Rs. 6,037 crore by offloading 10 per cent equity shares to the public,” NHPC Director Finance A. B. L. Srivastava told reporters here after the listing ceremony.
“Of this, we will use Rs. 4,000 crore for project operations and the remaining will go to the Government (for divestment of its stake),” he added.
Within minutes, the scrip surged 10.42 per cent to a high of Rs, 39.75 on the BSE.
On the National Stock Exchange, the NHPC listed with 17 per cent gain at Rs. 42.
Enthused by the response, company Chairman and Managing Director S. K. Garg said the issue was subscribed 23.73 times.
The IPO proceeds would be used to part finance construction and development of projects such as Subansiri Lower, Uri-II, Chamera-III and Parbati-III. “We have planned to generate almost 17,200 million units in 2009-10,” Mr. Garg added.
