State-owned NHPC, the countryís largest hydro power producer, will commence the buyback of shares worth up to R2,368 crore from November 29. ďThe (buyback) process will commence on November 29 and will be concluded on December 12,Ē said a source.
The company plans to buyback up to 123,00,74,277 fully paid up equity shares of Rs 10 each at a price of R19.25 apiece aggregating R2,368 crore from the open market.
Government holds 86.36% stake in NHPC.
The company got listed on bourses in 2009 after the government divested 5% stake. It has also issued 10% fresh equity. Overall, the government plans to raise R40,000 crore in this fiscal through disinvestment.
NHPC generates 5,702 MW electricity from 17 hydel stations. Seven power stations totalling 4,095 MW capacity are under construction. The scrip closed at R17.65, down 1.67%, on the BSE.