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India's $2.1 bln share sale in NTPC fully covered - exchange data

Source : REUTERS
Last Updated: Thu, Feb 07, 2013 09:53 hrs
(Blank Headline Received)

A $2.1 billion share auction in state-run power utility NTPC Ltd was fully covered on Thursday, provisional data from the Bombay Stock Exchange showed.

By 3:05 p.m. (0935 GMT), the single-day auction had received bids for 840.65 million shares at an indicative weighted average price of 145.46 rupees per share. Final bid numbers will be available later on Thursday.

The government was selling 783.26 million shares, or 9.5 percent of the company's stock, at a minimum price of 145 rupees per share for bids.

Under new rules announced last month, India's markets regulator allows bidders at share auctions to modify or cancel their orders if they deposit 100 percent of their order value upfront. Investors who bid without making a deposit are only allowed to make upward changes to their bids.

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