Power sector giant NHPC is likely to approach market regulator SEBI by May for its Initial Public Offer.
The company is waiting for the appointment of independent directors. The company is likely to hit the market around July-August this year and submit revised draft prospectus with SEBI, based on current fiscal`s financial performance on March 31.
NHPC, which has a paid up capital of Rs 115 billion, is likely to come out with a public offer of 1.67 billion shares, which would add 10% as fresh equity besides 5% disinvestment. The shares would be of face value of Rs 10 each.
The proceeds from IPO would be used to part finance the Rs 280 billion expansion plan of NHPC, which has set an ambitious target of becoming a 10,000 mw power generation company during the 11th plan period. This will be the biggest IPO in the power sector with 1.67 billion shares on sale.