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NTPC files for IPO, likely to raise $1 B
By siliconindia
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Wednesday, 25 August 2004, 19:30 IST
MUMBAI: India's top power producer National Thermal Power Corporation Ltd (NTPC) filed for an initial public offer on Wednesday, overcoming stiff political opposition to a float expected to raise about $1 billion.
A banker working on the issue told Reuters that NTPC filed papers to sell 865.83 million shares, or 10.5 per cent of its enlarged capital.
"The documents were filed today," the banker said on condition of anonymity.
The issue of new and old shares is expected to raise more than $1 billion and will reduce the government's holding to 89.5 per cent. That will value the company at about $10 billion, making it India's fourth most-valuable firm.
On Tuesday, NTPC chairman CP Jain said the offer was expected to open for subscription around September 23.
Its anticipated IPO value of about Rs 50 billion would place it second on the list of India's largest IPOs.