The Centre’s big-ticket stake sale in the country’s largest power producer, NTPC, received a hearty response from non-retail investors and was subscribed 1.4 times on Tuesday. As many as 46.35 crore bids were received for the 32.98 crore shares on offer for non-retail investors, according to BSE data.
While the Centre hopes to raise about ₹7,800 crore from the 5 per cent stake-sale involving 41.22 crore shares, it has the option of selling an equal number of shares (another 41.22 crore shares), thereby doubling its collection. The offer-for-sale for the retail portion comprising 8.24 crore shares will take place on Wednesday. They will also receive a discount of 5 per cent. According to the offer document, employees of the company will be eligible to apply for shares worth up to ₹2 lakh each only at a discount of 5 per cent on the cut-off price.
The share-sale has a floor price of ₹168.
The NTPC scrip fell 2.8 per cent on the BSE to close the day at ₹168.50 apiece.
Till now, the Centre has raised ₹9,302.31 crore as disinvestment proceeds as against the Budget Estimate of ₹72,500 crore from minority and majority stake-sales in public sector units.