NHPC postpones IPO plansNHPC which is a state-run power producer has postponed plans for an IPO worth about $700 million due to turbulent market conditions.
29 Sep 2008
NHPC which is a state-run power producer has postponed plans for an IPO worth about $700 million due to turbulent market conditions.
The lead managers for 1.67-billion-share offer, which represented 13.6 percent of the post issue capital, were SBI Capital markets, Enam Financial and Kotak Mahindra Capital Co. A part of the IPO proceeds would have been used to fund construction of at least six hydropower plants.
NHPC had earlier planned to list in the first half of the
year but was deferred due to statutory requirement to have enough independent
directors on board. The company refiled the draft prospectus with the regulator
to revive IPO plans in August. Thereafter getting the approval from the
regulator the company had planned to launch the offer in late October.