The department of disinvestment (DoD) will make a presentation to the government on December 15 for the proposed follow-on public offering (FPO) of NTPC Ltd, targeting to raise around Rs 13,000 crore.
Announcing this on the sidelines of the PanIIT Global conference here today, NTPC Chairman and Managing Director Arup Roy Choudhury expressed optimism that the FPO would be completed within March.
On November 22, the government had approved sale of 9.5 per cent stake in the country’s largest power producer.
Meanwhile, Coal India and NTPC, which were locking horns over the clauses in draft fuel supply agreement (FSA) will hold a crucial meeting tomorrow to sort out differences.
The Kolkata-based coal major has signed only 33 FSAs till now, despite a deadline set to power companies by the Prime Minister’s Office to sign the pacts by November end, even if they don’t have binding pacts for power sales.
Choudhury confirmed the development.
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The Cabinet Committee on Economic Affairs (CCEA), at its meeting that day gave the green signal for NTPC disinvestment by way of offer for sale through stock exchanges.
After the disinvestment, government of India’s shareholding in the company would come down to 75 per cent.
Referring to the 1,320-Mw coal-fired power project being set up in Bangladesh by NTPC at a cost of $1.5 billion, Choudhury said the project was on schedule.