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National Hydroelectric Power to go ahead with IPO
By siliconindia
New Delhi: Despite a volatile stock market, National Hydroelectric Power will launch its initial public offer as planned, Power Secretary Anil Razdan said on 4 March 2008.
Razdan said that state-run companies were financially strong and the government had no plans to reschedule the planned offer. However, he refused to disclose the amount that would be raised from the stake sale.
NHPC's chairman had last year said the company planned to sell a 10 percent stake to the public.
Finance minister P Chidambaram on 29 February said that the government expects to receive Rs1,165 crore during FY 2008-09 by way of selling stakes in PSU firms like Rural Electrification and NHPC.
In recent weeks, Asian stocks, including Indian shares, have witnessed volatility owing to the growing concerns about the global impact of a U.S. slowdown this year.
The primary market was hit last month by withdrawals of two initial public offerings in less than 24 hours, with Emaar MGF Land and Wockhardt Hospitals shelving their issues due to market turmoil.
