The government announced on Wednesday its plan to divest a 3.5% stake in power producer NHPC, setting a floor price of Rs 66 per share. The stake sale, inclusive of a Greenshoe option of 1%, is expected to generate Rs 2,300 crore for the exchequer. The offer for sale (OFS) opens for non-retail investors tomorrow, with retail investors allowed to bid on Friday, as informed by the Department of Investment and Public Asset Management Secretary, Tuhin Kanta Pandey.
Under the OFS, the government aims to sell more than 25 crore equity shares in NHPC, with an additional greenshoe option for 10 crore shares. The floor price of Rs 66 per share represents a discount of 9.66% compared to NHPC’s closing price on Wednesday. NHPC shares concluded the day at Rs 73.06 apiece, marking a modest 0.90% increase on the BSE.