Shares of NTPC Limited gained over a percent to Rs 448 in the morning of October 1, extending the gains for a third trading session in a row after its subsidiary company NTPC Green Energy signed a memorandum of understanding with the Rajasthan government for a 25-gigawatt renewable energy project.
Last week, the subsidiary entered into a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT) to undertake the development of 10 GW of renewable energy parks in Maharashtra or any other state of India, NTPC said in an exchange filing on September 26.
On September 19, the company filed a draft red herring prospectus (DRHP) with SEBI for its highly anticipated Rs 10,000 crore initial public offering (IPO), poised to be one of India’s largest in 2024 (after Hyundai). The public issue will consist entirely of fresh equity shares, with no promoter entities offering any for sale.
A portion of the IPO, up to 10 percent, will be reserved for existing shareholders of NTPC Ltd. Investors holding NTPC shares on the date of the red herring prospectus (RHP) filing will be eligible for this quota, offering them a chance to participate.
The company’s management aims to unlock significant value through the listing, which is expected to launch by the end of 2024, following the roadmap outlined in May. This Rs 10,000 crore offering will be the largest by a PSU since Life Insurance Corporation’s Rs 21,000 crore IPO in May 2022. Proceeds from the IPO will support NTPC Green Energy’s ongoing and future projects, including investments in solar energy, green hydrogen, and green ammonia.
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