Hydroelectric power company NHPC has raised Rs58 billion $1.25 billion ahead of its forthcoming listing on Indian exchanges, according to a source close to the deal. The state-owned company will use the money to partly finance the construction of new power plants.
The 1.6 billion shares on offer were priced at Rs36 each, the top of an indicative range that started at Rs30, said the source. The offering represents 13.6% of the outstanding post issue shares, with the rest remaining in the hands of the government.
The top-end pricing was possible due to the strong demand for all the available tranches. The tranche allocated for qualified institutional buyers QIB was 29.1 times covered, while the...
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