NTPC wants divestment to go through before March 2013

Last Updated: Sun, Dec 09, 2012 11:20 hrs

Kolkata, Dec 9 (IANS) State-run power major NTPC Sunday said it wants the proposed disinvestment in the company to go through before March 2013.

"There will be a meeting in Department of Disinvestment (DoD) on Dec 15 for taking presentations," National Thermal Power Corporation (NTPC) chairman Arup Roy Choudhury told reporters on the sidelines of PanIIT here.

Asked when the divestment process is expected to be concluded, he said: "It is DOD's decision. However, we want it to go through before March."

The central government initiated the disinvestment process in NTPC in November by inviting bids from merchant bankers for a 9.5 percent stake sale. With the proposed disinvestment, the government expects to mop up about Rs.13,100 crore.

The government currently holds 84.50 percent stake in NTPC. Post disinvestment, its stake would come down to 75 percent.

NTPC became public with its initial public offering hitting the market in 2004. Thereafter in 2009, the government further diluted its stake through Follow-on Public Offer (FPO).

The market capitalisation of the power firm stood at Rs.134,194.93 crore at the end of March 2012.

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