NHPC, PGCIL to get Navratna status soon
Power PSUs - NHPC and PGCIL will get the Navratna status soon, says a high ranking government official.
By PTI |
NEW DELHI: Power PSUs - NHPC and PGCIL, who are in the process of hitting the capital market, will get the Navratna status soon, a high ranking government official said on Tuesday.
"They will get the Navratna status soon and after that they will come out with their initial public offer (IPO)," the official said.
National Hydro Power Corporation Ltd (NHPC) and Power Grid Corporation of India Ltd (PGCIL) have plans to come out with IPO and have filed the draft prospectus with capital market regulator SEBI for the same.
NHPC, India's largest hydroelectric power generating company, filed its draft prospectus with the Securities Exchange Board of India (SEBI) on April 2.
The company proposes an initial public issue of up to 1,676,049,945 equity shares. The issue comprises a fresh issue of up to 1,117,366,630 equity shares by NHPC and an offer for sale of up to 558,683,315 equity shares by the President of India, acting through the Ministry of Power.
The issue would have a reservation of up to 26,538,000 equity shares for eligible employees.
PGCIL has also filed draft prospectus for its initial public offer (IPO).
The company proposes to dilute up to 10 per cent stake through issue of fresh shares in the market while the government would divest 5-10 per cent in the company. The state-owned transmission major has a paid-up capital of Rs 3,800 crore and each share would carry a face value Rs 10.
"They will get the Navratna status soon and after that they will come out with their initial public offer (IPO)," the official said.
National Hydro Power Corporation Ltd (NHPC) and Power Grid Corporation of India Ltd (PGCIL) have plans to come out with IPO and have filed the draft prospectus with capital market regulator SEBI for the same.
NHPC, India's largest hydroelectric power generating company, filed its draft prospectus with the Securities Exchange Board of India (SEBI) on April 2.
The company proposes an initial public issue of up to 1,676,049,945 equity shares. The issue comprises a fresh issue of up to 1,117,366,630 equity shares by NHPC and an offer for sale of up to 558,683,315 equity shares by the President of India, acting through the Ministry of Power.
The issue would have a reservation of up to 26,538,000 equity shares for eligible employees.
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PGCIL has also filed draft prospectus for its initial public offer (IPO).
The company proposes to dilute up to 10 per cent stake through issue of fresh shares in the market while the government would divest 5-10 per cent in the company. The state-owned transmission major has a paid-up capital of Rs 3,800 crore and each share would carry a face value Rs 10.
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