Date : Aug-07-2009
NHPC's initial public offering has been subscribed more than three times on the first day of the issue. As per the data available on the National Stock Exchange website, the issue has been subscribed 3.22 times. Till 2 pm, 167.73 crore shares issue received 539.94 crore bids. More than 2.45 crore bids were made at cut-off price. Most of the bids were received at the upper end of the price band, said the sources.
The company is offering shares of face value Rs 10 each in the price range of Rs 30 to Rs 36 per share. The company will raise Rs 5,032 crore at the lower end of the price band while at upper band it will raise Rs 6,039 crore. The 100% book build issue closes on August 12.
The company proposes to use the issue proceeds to part finance construction as well as development of hydro projects.
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