NHPC completes Rs 2,368 crore share buyback

Dec 21 2013, 17:45 IST
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Reuters Reuters
SummaryNHPC purchased 110.7 crore shares worth more than Rs 2,130 crore from the government

State-run NHPC has bought back equity worth Rs 2,368 crore under an offer that ended earlier this month after attracting more shares than targeted.

NHPC bought back 123 crore equity shares at Rs 19.25 apiece, the company said today in a public announcement. More than 142.6 crore shares were tendered in the offer, which started on November 29 and closed on December 12.

The company purchased 110.7 crore shares worth more than Rs 2,130 crore from the government, equivalent to 90 per cent of the buyback. The government's stake in the company was reduced to 85.96 per cent from 86.36 per cent.

The government plans to raise Rs 40,000 crore from the sale of shares in this financial year.

The hydro-electricity generator was listed on the stock exchanges in 2009 after the government divested a 5 per cent stake and the company issued fresh shares equivalent to 10 per cent of its equity.

NHPC has a generation capacity of 5,702 MW from 17 hydro-electric stations in the country. Seven plants with a combined capacity of 4,095 MW capacity are under construction.

NHPC shares closed at Rs 18.70, up 1.36 per cent, on the BSE on Friday.

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