NTPC, REC follow-on offers (FPO) this fiscal

by khalid on 19/09/2009 · 0 comments

NTPC AND REC

The government is likely to divest 10 per cent of its holding in NTPC, and the company is also plans to offer 10 per cent fresh equity through this follow-on offer and hopes to raise Rs 6,000 crore.

State-owned biggest thermal power utilities NTPC and Rural Electrification Corp will hit the capital market with their follow-on public offers to raise about Rs 9,000 crore by the end of the current financial year means before March 2010. The company has set a target of achieving power generation capacity to the tune of 50,000 MW by 2012 from the current 30,000 MW.

On the other hand REC is awaiting cabinet approval for its Follow – on Public Offer (FPO). The company is planning to utilise proceeding of this FPO for disbursing loans. They would issue about 17 crore shares of Rs 10 face value each. Considering the current market situation, the company is hoping to fetch about Rs 2,900 crore through premium to be decided later

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