associate sponsors

Havells
HDFC

India to sell $420 million stake in NHPC | Reuters

MUMBAI India will sell a 11.36 percent stake in state-controlled hydropower producer NHPC (NHPC.NS) on Wednesday to raise 28 billion rupees ($420 million), the NewsRise news agency reported, kicking off the government's privatisation programme for this year.

The government wants to raise 565 billion rupees from the sale of stakes in state-owned enterprises in the 2016/17 financial year. That is 19 percent lower than last year's target, which the government failed to hit.

The floor price for the NHPC stake sale is 21.75 rupees per share, NewsRise quoted a government official as saying to reporters in New Delhi. The offer is at a 6 percent discount to the company's closing price of 23.05 rupees on Tuesday.

The government is also seeking bids from merchant bankers and brokers to manage the sale of a 10 percent stake in state energy company Oil India (OILI.NS), a finance ministry statement said. (bit.ly/1VUxnTt)

($1 = 66.5175 Indian rupees)

(Reporting by Promit Mukherjee; Editing by David Goodman)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Apr 27, 2016 00:30 AM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See