The Disinvestment Department will soon appoint merchant bankers for 11.36% stake sale in NHPC that could fetch about Rs 3,000 crore to the exchequer.
The Inter-Ministerial Group (IMG) on disinvestment met last Friday and approved selling 11.36% in NHPC through an Offer For Sale (OFS), an official source said.
"The DoD will soon float a request for proposal to select merchant bankers who will manage the stake sale," the official said, adding up to three merchant bankers would be appointed.
At the current market price of Rs 24 a piece, sale of 11.36% or 125.76 crore shares would fetch about Rs 3,000 crore to the exchequer.
Government holds 85.96% stake in NHPC. The stake sale would help the company comply with the minimum 25% public shareholding norm of market regulator Sebi.
The Department of Disinvestment (DoD) is in the process of preparing a draft Cabinet note for inter-ministerial consultation for NHPC stake sale.
In the current fiscal the government plans to mop up Rs 43,425 crore from selling stake in PSUs.
