NHPC lost 5.86% to Rs 21.70 at 11:27 IST on BSE as the offer for sale by the Government of India to sell a 11.36% stake in the company through the stock exchanges mechanism began at 9:15 IST today, 27 April 2016.
The announcement was made after market hours yesterday, 26 April 2016.Meanwhile, the S&P BSE Sensex was down 5.25 points or 0.02% at 26,002.05.
On BSE, so far 31.59 lakh shares were traded in the counter as against average daily volume of 5.34 lakh shares in the past one quarter. The stock hit a high of Rs 21.80 and a low of Rs 21.50 so far during the day. The stock had hit a 52-week low of Rs 15.55 on 25 August 2015. The stock had hit a 52-week high of Rs 24.40 on 31 March 2016.
The large-cap company has equity capital of Rs 11070.67 crore. Face value per share is Rs 10.
NHPC's promoter and principal shareholder Government of India (GoI) is selling up to 125.76 crore equity shares, constituting 11.36% of the total paid up equity share capital of the company, through Offer for Sale (OFS) via the stock exchanges mechanism. The floor price for the OFS was fixed at Rs 21.75 per share. The floor price is at a discount of 5.63% to the stock's closing price of Rs 23.05 on BSE yesterday, 26 April 2016.
As at 11:05 IST, the OFS received bids for a total of 18,407 shares from non-retail investors as against 100 crore shares on offer for this category of investors.
Bidding for the shares in the OFS by non-retail investors takes place in a single trading session today, 27 April 2016. However, those non-retail investors who have placed their bids today, 27 April 2016 and have chosen to carry forward their bids to tomorrow, 28 April 2016, will be allowed to revise their bids tomorrow, 28 April 2016. Bidding by retail investors will take place in a single trading session tomorrow, 28 April 2016. Retail investors will be allocated offer shares at a discount of 5% to the cut off price.
GoI currently holds 85.96% stake in NHPC (as per the shareholding pattern as on 31 March 2016).
Separately, NHPC said that the board of directors of the company at its meeting held yesterday, 26 April 2016, considered and approved the proposal for raising of debt up to Rs 900 crore through issuance of U-Series secured redeemable non cumulative non convertible corporate bonds in the nature of debentures on private placement basis.
NHPC's net profit rose 115.8% to Rs 388.02 crore on 23.5% growth in net sales to Rs 1440.90 crore in Q3 December 2015 over Q3 December 2015.
NHPC was incorporated in the year 1975 with an objective to plan, promote and organise an integrated and efficient development of hydroelectric power in all aspects. Later on, NHPC expanded its objects to include development of power in all its aspects through conventional and non-conventional sources in India and abroad.
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