Nuclear Power Corporation of India Ltd (NPCIL), which operates 20 plants with installed capacity of 4,870 Mw, has been short-listed by the finance ministry for listing on the stock exchanges by selling 10 per cent government stake. The department of disinvestment in the ministry of finance this week sought comments on a draft note proposing listing of NPCIL through an initial public offering (IPO) of 10 per cent of the paid-up equity capital, out of the government's 100 per cent shareholding.
Government sources said comments on the draft note to the Cabinet Committee on Economic Affairs have been sought by December 10. The government is also targeting disinvestment in NTPC, NMDC, Nalco, MMTC and Oil India, this year, to mobilise Rs 30,000 crore. The RINL and Nalco disinvestment had been earlier deferred due to pricing issues.
An NPCIL official, who did not want to be identified, told Business Standard, "The company is engaged in increasing the capacity to 63,000 Mw by 2032. It had earned net profit of Rs 1,906 crore in 2011-12 and cash reserves as on date are Rs 13,260 crore. The net worth is Rs 25,428 crore." Gross electricity generation during the year was 32,455 million units (MUs) against target of 32,000 MUs.
The operating plants registered highest generation surpassing the previous high of 26,472 MUs during the year 2010-11.
According to the official, NPCIL's authorised capital is Rs 15,000 crore of which the paid-up component is Rs 10,174.33 crore.
Sources said prior to listing, four independent directors will be appointed on the company board to comply with the Securities and Exchange Board of India's listing norm of having equal number of executive and non-executive directors. NPCIL's board currently consists of five functional directors, including the chairman and managing director, and two government nominee directors. It has three independent directors.