Government to divest 9.5% stake in NTPC on Thursday; floor price likely at Rs ... - NDTV

The content may have been removed, or is temporarily unavailable. We apologize for the inconvenience. Please try again later. The government will sell a 9.5 per cent stake in power major NTPC on Thursday (February 7) through the offer for sale route, Divestment Secretary Ravi Mathur told NDTV Profit. The government is looking to raise Rs 12,000 crore from the share sale. The Department of Divestment (DoD) has already conducted international roadshows for the divestment of NTPC. The price for the sale, which will be communicated to the stock exchanges tomorrow, will likely be set at Rs 145 per share, sources from the Finance Ministry told NDTV. The NTPC stock closed up 0.16 per cent at Rs 155.6 on the BSE today, while the Sensex ended lower by 0.46 per cent. Last week, the DoD successfully completed the sale of a 10 per cent stake in Oil India raising over Rs 3,113 crore. The government has raised over Rs 10,000 crore so far this fiscal year from selling stakes in public sector units, including Rs 6,000 crore from NMDC, Rs 800 crore from HCL and Rs 125 crore from National Bui ldings Construction Corporation (NBCC). Disinvestment Secretary Ravi Mathur had earlier said the government will be able to raise Rs 27,000 crore from divestment in the current fiscal year, lower than the budgeted Rs 30,000 crore. The government plans four more issues before the end of this fiscal year. Finance Ministry sources have also indicated that like in the case of some earlier divestments, the NTPC OFS will also be offered at a discount. The government plans to raise funds through divestment to contain the rising fiscal deficit. It has set the fiscal deficit target at 5.3 per cent of the gross domestic product for 2012-13. via Business - Google News

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