NTPC sets share auction floor price at 145 rupees

MUMBAI Wed Feb 6, 2013 4:49pm IST

An employee from the electricity board works on newly installed overhead power cables in Allahabad December 7, 2012. REUTERS/Jitendra Prakash

An employee from the electricity board works on newly installed overhead power cables in Allahabad December 7, 2012.

Credit: Reuters/Jitendra Prakash

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MUMBAI (Reuters) - The floor price for state-run power utility NTPC Ltd's (NTPC.NS) share sale, scheduled for Thursday, has been set at 145 rupees, or a 4.5 percent discount to its Wednesday's close, said the company, valuing the sale at about $2.14 billion.

The government expects to raise $2.25 billion from the offer, the disinvestment secretary has said.

The government will sell a 783.26 million shares or 9.5 percent stake in NTPC through the single-day auction, as part of its drive to raise 270 billion rupees by selling shares in some state enterprises in the 2012/13 fiscal year.

Ahead of the share sale, NTPC shares closed at 151.80 rupees on Wednesday, down 2.4 percent in a weak Mumbai market.

(Reporting by Prashant Mehra; Editing by Anand Basu)

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