India National Hydroelectric to list shares in July

SINGAPORE (Reuters) - India's National Hydroelectric Power Corp plans to list its shares in July to raise part of the $7 billion it needs to fund various projects, its chairman and managing director S.K. Garg said on Monday.

The state-owned firm's proposed IPO will constitute about 15 percent of the firm and the shares will have a "face value" of about $300 million, he told Reuters, declining to say how much the firm expects to raise.

Under India's current five-year plan that began in 2007, National Hydroelectric plans to raise about $7 billion in debt and equity for its various projects.

Garg said about $3 billion of the funds will come from the IPO and internally generated funds, while the balance $4 billion will involve debt funding.

The firm has to-date obtained just over $2 billion in loans from Life Insurance Corp of India that is repayable over 19-20 years, as well as a $1 billion five-year loan from Power Finance Corp.