Department of Disinvestment to appoint bankers for NHPC sake sale
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22 Jul 2014
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The Disinvestment Department will soon appoint merchant bankers for 11.36 per cent stake sale in NHPC that could fetch about Rs 3,000 crore to the exchequer, reported PTI. The Inter-Ministerial Group (IMG) on disinvestment met last Friday and approved selling 11.36 per cent 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 per cent or 125.76 crore shares would fetch about Rs 3,000 crore to the exchequer. Government holds 85.96 per cent stake in NHPC. The stake sale would help the company comply with the minimum 25 per cent public shareholding norm of market regulator Sebi, as per the media reports. According to media reports, the Department of Disinvestment (DoD) is in the process of preparing a draft Cabinet note for inter-ministerial consultation for NHPC stake sale. |
| Source: Dion Global Type: IPO Related |
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