NHPC falls 5% as govt plans to divest 3.5% stake via OFS for about Rs 2,300 crore

The Offer for sale (OFS) for NHPC will open on January 18 for non-retail investors. Retail investors will be able to bid on Friday.

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Shares of NHPC fell 5 percent at open on January 18 as the government has decided to sell up to 3.5 percent stake in the PSU in an Offer for Sale, at a floor price of Rs 66 a share – a discount of over 9 percent to yesterday’s closing price. The stock of the state-run hydropower producer rose 1.2 percent yesterday, amid a rise in other PSU stocks, and ended at Rs 73.25. At 9:20 am, the stock was trading at Rs 69.70.

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On January 17, in a regulatory filing, the company said that the Offer for Sale (OFS) for NHPC will open on January 18 for non-retail investors. Retail investors will be able to bid on Friday. As per the OFS, the government will sell over 25 crore equity shares in NHPC (with a green shoe option to sell 10 crore more) at a floor price of Rs 66 a share. The reports estimate that the OFS could fetch about Rs 2,300 crore to the exchequer.

Also read: Govt to sell 3.5% in NHPC via OFS at Rs 66 per share from January 18

In Q2FY24, the state-owned- NHPC reported a consolidated profit of Rs 1,546 crore for the quarter ending September 2023, rising 0.7 percent year-on-year over the previous fiscal. Revenue from operations also grew by 11.6 percent YoY to Rs 2,931.3 crore during the reporting quarter. NHPC is yet to announce its Q3 earnings.

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