NTPC Green Energy, the largest renewable energy public sector enterprise, has raised Rs 3,960 crore via anchor book on November 18, a day before the issue opening. The Rs 10,000-crore IPO will open for subscription on November 19, and close on November 22.
The IPO consists of entirely fresh issue by the company, with no offer-for-sale component. The price band for the offer has been fixed at Rs 102-108 per share.
".... has finalised allocation of 36,66,66,666 equity shares to anchor investors at a price of Rs 108 per share," the subsidiary of NTPC said in its filing to exchanges.
Marquee global institutional investors that became shareholders in NTPC Green Energy via anchor book included New World Fund, International Growth and Income Fund, Goldman Sachs, Morgan Stanley, New York State Teachers Retirement System, Government of Singapore, Monetary Authority of Singapore, T Rowe, Abu Dhabi Investment Authority, and BNP Paribas.
Domestic institutional investors like LIC of India, ICICI Prudential Mutual Fund, Nippon Life India, Kotak AMC, Aditya Birla Sun Life AMC, DSP Mutual Fund, Whiteoak Capital, Canara Robeco MF, Invesco India, SBI Life Insurance, HDFC Life Insurance, Edelweiss Trusteeship, Baroda BNP Paribas MF, HSBC MF, Aditya Birla Sun Life Insurance, Allianz India Equity, Bandhan Mutual Fund, PI Opportunities AIF, Bank of India MF, Union MF, ITI MF, and Canara HSBC Life Insurance also bought shares of the company.
"Out of the total allocation of 36.67 crore equity shares to the anchor investors, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes," NTPC Green Energy said.
Before the launch of IPO, NTPC was the only shareholder with 100 percent stake.
NTPC Green Energy is going to utilise Rs 7,500 crore out of the net issue proceeds for repaying debt of its subsidiary NTPC Renewable Energy.
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"As of September 2024, NTPC Renewable Energy had consolidated outstanding borrowings of Rs 17,057.5 crore. Post repayment, its total borrowings are estimated to reduce to Rs 9,557.5 crore," the company said in its RHP.
With solar and wind power assets in more than six states, NTPC Green Energy has operational capacity of 3,220MW of solar projects and 100 MW of wind projects. Further, it has 13,576 MWs of contracted and awarded projects, while 9,175 MWs of capacity is under pipeline.
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The company has reserved Rs 200 crore worth shares for its employees and Rs 1,000 crore (or 10 percent of the issue size) for NTPC shareholders. Employees will get these shares a discount of Rs 5 per share to the final issue price.
IDBI Capital Markets & Securities, HDFC Bank, IIFL Capital Services, and Nuvama Wealth Management are acting as the merchant bankers to the issue.
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