NTPC plans IPO issue in July

By SiliconIndia   |   Friday, 27 September 2002, 07:00 Hrs
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BANGALORE: National Thermal Power Corporation today announced its time schedule for entering the domestic capital market to enhance its equity by Rs 400 crore.

"By February 2003 we shall appoint the lead managers and in April we shall apply for prospectus with the Securities and Exchange Board of India," NTPC chairman and managing director C P Jain told reporters in New Delhi, adding that "in July next year we should hit the market."

When asked about the premium in its maiden public offering, Jain refused to make any guess but said, "We should hope for collecting upto Rs 1500 crore from the domestic market."

NTPC has also written to Sebi to waive the condition for IPO and allow the corporation to enhance the capital base by 5% instead of stipulated 10% through this route.

The PSU has an authorized capital of Rs 8000 crore which has been raised to Rs 10,000 crore approved in its last annual general meeting, Jain announced adding that the decision has been taken to reduce the face value of its shares to Rs 10 each from the existing Rs 1000 each.

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