Govt's $2.1bn NTPC share sale fully covered

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

By 3:05 p.m., the single-day auction had received bids for 840.65 million shares at an indicative weighted average price of Rs 145.46 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 Rs 145 per share for bids.

Under new rules announced last month, the SEBI allowed 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.