NTPC stake sale begins on bourses; scrip falls 2 pc

February 07, 2013 10:17

Shares of NTPC slid as much as two per cent on the BSE in the early trade on Thursday as the government's 9.5 per cent stake sale of country's largest power producer commenced on the bourses.

The floor or the minimum offer price for state-run power utility NTPC's share sale has been set at Rs 145 apiece, which is a 4.5 per cent discount to its Wednesday's close.

On the BSE, NTPC scrip hit a low of Rs 149.10, down 2.10 per cent over previous close, soon after the start of market hours. It continued to trade in the range of Rs 149-150.80 in the early hours.

The scrip has slid nearly 4 per cent since Tuesday, when the Empowered Group of Ministers (EGoM) decided on the floor price of the stake auction.

At the floor price of Rs 145, NTPC stake sale could garner over Rs 11,300 crore to the exchequer, making it the biggest disinvestment so far this fiscal.

The government proposes to sell 78.32 crore shares or 9.5 per cent stake in the country's largest power producer through offer for sale (OFS) route.

Till 0949 hours, bids came in for over 1.16 crore shares, at the indicative price, which is the weighted average price of all vaild bids, of Rs 147.49 apiece, as per data available on the National Stock Exchange.

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