Baira Siul power station in HP
COUNTRY'S largest hydro power producer NHPC's buyback of shares worth up to Rs 2,368 crore will commence from November 29. The buyback of shares aims at funding state-owned power company’s big expansion plans. The company plans to buyback up to...123,00,74,277 fully paid-up equity shares of Rs 10 each at a price of Rs 19.25 apiece aggregating Rs 2,368 crore from the open market. The buyback process will begin on November 29 and will be concluded on December 12, says a media report.
At present the government’s stake at NHPC is 86.36 percent.
The company was listed in the stock market in 2009 after the government divested 5 percent stake. It has also issued 10 percent fresh equity.
NHPC generates 5,702 MW electricity from 17 hydel stations in the country. As many as seven power stations worth 4,095-MW-capacity are under construction. So far, it has completed 15 projects, and as many as nine projects with a capacity of 4502 MW are under construction, says its official website. Seven projects are coming up as joint ventures and another five projects are being developed on turnkey basis.
The government plans to raise Rs 40,000 crore in the current financial year (2013-14) through disinvestment.
NHPC was incorporated in the year 1975 with an authorised capital of Rs 200 crore and with an objective to plan, promote and organise an integrated and efficient development of hydroelectric power. Later, it expanded its objects to include development of power in all its aspects through conventional and non-conventional sources in India and abroad. At present, NHPC has an authorised share capital of Rs 15,000 crore. With an investment base of over Rs 38,718 crore, NHPC is among the top 10 companies in the country in terms of investment.
The power major paid a dividend of Rs 637.40 crore to government of India for the financial year 2012-13.