| One of the key reasons for delay is the time being taken in appointing independent directors to the boards of these companies. |
| While the public offers of the Power Finance Corporation and Power grid corporation are over, hydro-power major National Hydro Power Corporation (NHPC) and the rural electricity financier Rural Electrification Corporation (REC) are yet to receive SEBI approval for their public offers. |
| "The ongoing process is very slow and issues of these companies can now happen next year only," said a Delhi-based power sector analyst. |
| While NHPC had filed its offer document with SEBI in April, REC did it in August. |
| According to a senior official at NHPC, the public issue is being delayed because the government hasn't yet appointed independent directors on its board, which is a pre-requisite for public offer. |
| "All formalities from our side are done, it is the government that has to appoint directors now," added the official. |
| The company has huge expansion plans, which includes more than doubling its current capacity of 4,145 Mw to 10,000 Mw by 2012. |
| This would require an investment of Rs 30,000 crore, a part of which would be financed by the public issue, while the rest would be managed through debt, budgetary support and internal accruals. |
| Industry experts say that this is the perfect timing for power IPOs to hit the market, since investor sentiments for this sector are very positive at the moment. |
| While one reason is the good track record of the listed government utilities like NTPC and PFC, and more recently Power Grid Corporation, power is also seen as a fast-growing sector, with generation capacity poised to double in the next 10 years, with concomitant growth in transmission and distribution sectors. |
| With a huge appetite for quality Indian paper, experts say that the issues in the pipelines would also be lapped up by investors. |
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