Indian government to raise $2.14 billion from NTPC

The Indian government will raise at least Rs114 billion $2.14 billion from its sale of a 9.5% stake in power producer NTPC after its auction-style sell-down was 1.7 times subscribed a big number for a deal this size.

Indeed, the offering exceeds the $1.1 billion sale of shares in iron ore miner NDMC in December as the biggest government divestment in the current fiscal year. It is also the largest equity deal in India since the $2.5 billion sell-down in ONGC in March 2012.

The lowest bid to be allocated was Rs145.55, which represents a slight premium to the floor price of Rs145 that was set...