NTPC sale powers divestment drive
Merchant bankers said the response to the offer for sale (OFS) was strong across investor categories, especially domestic institutional investors (DIIs) and foreign institutional investors (FIIs). While DIIs are believed to have written out cheques for around R4,000-5000 crore, retail and high net-worth individuals are understood to have placed bids for over R1,000 crore. Following the issue, the government’s holding in NTPC will fall to 75% from 84.50%.
As per BSE data, the auction received bids for 132.84 crore shares against 78.33 crore shares on offer, at an indicative price of R145.91 per share. The indicative price is the volume-weighted average price of all the valid or confirmed bids. The NTPC stock closed at R148.15, down 2.72% from Wednesday’s close. The scrip has given negative returns of around 12% in the last three months compared with the Sensex’s 5% returns in the same period. Its 52-week high is R190.30 while the low is R138.95.
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