NHPC IPO may be delayed till Q1FY09: Garg

Country's largest hydel power generator NHPC today said its initial public offering is unlikely to be launched this fiscal as the company is awaiting the appointment of requisite number of directors on its board.

"The IPO is likely to come in the first quarter of 2008-09 provided the independent directors are appointed by March 2008," NHPC chairman and managing director S K Garg told reporters here.

The company filed the draft prospectus for the IPO in April last year and was hoping to hit the capital market in July-August.

Garg, however, said the delay in IPO has not affected company's expansion plans as it had already tied up the first borrowing worth Rs 13,000 crore.

NHPC proposes to issue 16.7 crore equity shares to offload a 15% stake, including 10% of company's equity and 5% divestment by the government.