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NTPC issue oversubscribed 7.8 times
Thursday, 14 October 2004, 19:30 IST
NEW DELHI: The initial public offer of state-run utility National Thermal Power Corp (NTPC) has been oversubscribed 775 percent on the fifth and last day of bidding Thursday, book building data with stock exchanges showed.
As against 865.83 million shares on offer, the company had received bids for 6.7 billion shares in the indicative price band of 
55-62 per share bearing a face value of 10 each, the data showed.
The company's chairman and managing director C.P. Jain told reporters here Thursday that the response to the issue has been overwhelming. "This is the vote of confidence in the country's power sector reforms," he added.
According to the NTPC official the company will decide on the cut-off price for the issue by the weekend.
"We will list on major stock exchanges by Nov 5," Jain added.
Source: IANS
55-62 per share bearing a face value of 10 each, the data showed.
The company's chairman and managing director C.P. Jain told reporters here Thursday that the response to the issue has been overwhelming. "This is the vote of confidence in the country's power sector reforms," he added.
According to the NTPC official the company will decide on the cut-off price for the issue by the weekend.
"We will list on major stock exchanges by Nov 5," Jain added.
Source: IANS