Moneycontrol Bureau
Shares of NHPC rallied over 1 percent on Tuesday as it has entered into a pact with Orissa government to form joint venture for six hydroelectric projects. The Orissa Hydel projects will have a total capacity of 1,020 MW.
Meanwhile, the PSU has bought back equity worth Rs 2,368 crore under an offer that ended earlier this month after attracting more shares than targeted.
NHPC bought back 123 crore equity shares at Rs 19.25 apiece, the company said. More than 142.6 crore shares were tendered in the offer, which started on November 29 and closed on December 12.
The company purchased 110.7 crore shares worth more than Rs 2,130 crore from the government, equivalent to 90 percent of the buyback. The government's stake in the company was reduced to 85.96 percent from 86.36 percent.
At 10:06 hrs, the stock was quoting at Rs 18.85, up Rs 0.10, or 0.53 percent on the BSE.
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