NHPC slips after IMG approves over 11% stake sale
NHPC, wherein the government holds 86.36 percent stake, declined after reports of further dilution. In current financial year 2013-14, the government targets to raise Rs 40,000 crore through divestment.
NHPC shares declined nearly 2 percent Tuesday after an inter-ministerial group on disinvestment approved over 11 percent stake sale in the company.
The government currently holds 86.36 percent stake in the company. The stake sale could fetch the government Rs 2,400 crore.The first divestment in the company had taken place in 2009, when the Government diluted 5 percent equity, while the company issued fresh equity of 10 percent. The government had raised around Rs 6,000 crore through initial public offering at a price of Rs 36 a piece. In current financial year 2013-14, the government targets to raise Rs 40,000 crore through divestment. In previous financial year, it could garner nearly Rs 24,000 crore as against the target of Rs 30,000 crore.At 13:27 hours IST, the stock fell 1.7 percent to Rs 20.25 on Bombay Stock Exchange. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
