NHPC Refiles the DRHP with Sebi

National Hydroelectric Power Corporation(NHPC), has already filed prospectus but withdrew it because of some technical objections with sebi. So it has refiled the draft red herring prospectus with sebi. It plans to tap the capital market with an initial public offering (IPO) of 1676.04 million equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. NHPC IPO is likely to be the first from the public sector after the Left parties withdrew support to the UPA government.

“We have submitted the draft red herring prospectus with the Sebi today,” said S K Garg, Chairman and Managing Director, NHPC.

A Mini Ratna (Category I) company, NHPC has developed 13 hydroelectric power stations and the total installed capacity is currently 5,175MW.

Enam Financial Consultants, Kotak Mahindra Capital Company, SBI Capital Markets and Karvy Computer Share are helping them in the process

Of the total equity float, at least 60% of the issue shall be allocated on a proportionate basis to qualified institutional bidders (QIBs) including 5% of the QIB portion that would be especially reserved for mutual funds. Further, not less than 10% of the issue shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 30% of the issue shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price