The government plans to sell 5% in NTPC Ltd, through a follow-on public offering in the month of January, 2010 stated reports.
The proposal is likely to come up for approval by the Cabinet Committee on Economic Affairs at its meeting on today, reports added. At current market price, the government will fetch Rs85bn, stated reports.
The stock closed up 0.2 percent at 209 rupees on Wednesday. The government holds 89.5 percent stake in the company, which has a market cap of $36.9 billion.
Shares of NTPC have gained 1% to Rs210. The stock opened at Rs210 and made an intra-day high of Rs212 and a low of Rs209. Total traded volumes stood at 0.77mn shares.
Meanwhile, the BSE 30-share Sensex gained 30 points at 16,837 and the NSE Nifty was flat at 4,992.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.