National Hydroelectric Power Corporation (NHPC), which is set to tap the capital market with its initial public offering (IPO) next month, has fixed the price band for the issue at Rs 30-36. The issue will take the book building route to raise the funds.
The IPO is set to open for subscription on August 7 and will close on August 11, 2009. The issue comprises 168 crore shares comprising 5% dilution of the govt’s stake and a 10% fresh issuance. NHPC plans to mop up between Rs 5,040 crore and Rs 6,048 crore from the issue.
The NHPC IPO will be the first PSU issue after Rural Electrification Corporation that floated a Rs 1,639 crore issue in February last year.