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Friday, December 08, 2006

Cabinet OKs National Hydroelectric Power's IPO

The Cabinet Committee on Economic Affairs approved the initial public offer, IPO of shares of National Hydroelectric Power Corporation, NHPC, reports CMW.

"The IPO would not exceed 24% of NHPC's share capital," Priya Ranjan Dasmunsi, minister for information and broadcasting, told reporters.

"The IPO will be in tranches from domestic/external markets," he said. Dasmunsi said the IPO would help NHPC to raise the resources to meet power generation capacity targets.

NHPC currently has an authorised capital of Rs 150 billion and paid-up capital of Rs 103.5 billion. The government currently owns 100% stake in NHPC.

Last month, the government had approved the IPOs of three other state-run power companies - Power Grid Corp., Power Finance Corp., and Rural Electrification Corp.


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