NHPC to launch IPO in Jan-Mar 2008

Public sector firm National Hydro-Electric Power Corporation (NHPC) today said its initial public offering (IPO) to dilute a 24% stake would be launched between January and March next year.

"We are waiting for the appointment of independent directors by the government and hope to come out with our initial public offer in the last quarter of the current financial year," S K Garg, chairman & MD, NHPC told reporters here.

The company, wholly-owned by the government, had filed draft documents for its IPO with the capital markets regulator SEBI in April this year. The IPO was proposed to include over 111 crore fresh equity shares and offer for sale of more than 55 crore shares.

The government had approved the planned IPO in December 2006. The company proposes to add a capacity of 5,300 MW in the 11th five year plan.