NTPC stake sale oversubscribed 1.7 times

New Delhi , Feb 7 (IANS) The stake sale in power generator NTPC was oversubscribed 1.7 times Thursday with the government receiving bids for 133 crore shares against 78.32 crore shares on sale.

"The offer (NTPC) has been oversubscribed 1.7 times. The government is satisfied with the response," Disinvestment Secretary Ravi Mathur told mediapersons here.

The government had Wednesday fixed the floor, or minimum, price at Rs.145 per share for 9.5 percent stake sale in NTPC, to earn over Rs.11,300 crore from the biggest disinvestment so far this fiscal.

At an indicative price of Rs.145.91, the government is likely to get around Rs.11,430 crore from the share-sale.

This is the third occasion of NTPC hitting the markets in the past decade. It debuted with a listing in 2004, and launched a follow-on public offer in February 2010.

Post-completion of stake sale, the government's holding in the country's biggest power utility will come down to 75 percent from 84.50 percent.

Shares in NTPC closed 2.7 percent lower than its previous close, at Rs.148.15 on the Bombay Stock Exchange

The auction was part of the government's drive to raise Rs.30,000 crore from disinvestment in the current fiscal year

The government last month completed a 10 percent stake sale of Oil India (OIL) garnering over Rs.3,141 crore.

The government has so far this fiscal raised over Rs.10,000 crore from selling stakes in profitable public sector undertakings.

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