India to sell up to 6% stake in NHPC via offer for sale
India to sell up to 6% stake in NHPC via offer for sale June 1 (Reuters) - The Indian government will sell up to a 6% stake in NHPC NHPC.NS via an offer for sale, an exchange filing by the hydropower company showed on Monday.
Here are some details:
The OFS consists of a base offer of up to a 3% equity stake in the company, with an option to sell an additional 3%.
The floor price has been fixed at 71 rupees per share, implying about an 8% discount to NHPC's last closing price.
An OFS allows promoters or large shareholders of listed companies to sell shares through stock exchanges.
The stake sale is part of the Indian government's broader divestment and asset monetisation program. It holds a 67.4% stake in NHPC.
The government has a divestment and asset monetisation target of 800 billion rupees for fiscal year 2027, according to the Union Budget.
In May, the government sold an 8% stake in Central Bank of India and a 2% stake in Coal India via OFS.
(Reporting by Nishit Navin in Bengaluru; Editing by Shilpi Majumdar)
((Nishit.Navin@thomsonreuters.com;))
Recent news on NHPC
See all newsBrief: NHPC Q2 Consol Net Profit 15.49 Billion Rupees
India's NHPC, Essar Renewables partner on $475 million renewable energy project in Andhra Pradesh
Brief: Essar Renewables Signs PPA With NHPC For 300 MW Renewable Energy Project, To Invest 45 Bln Rupees
Brief: NHPC Says Commercial Operation Of Unit 5 (250 MW) Of Subansiri Lower HE Project
Deadly floods test Nepal's hydropower ambitions