Govt to sell 5% in NTPC at Rs168 per share on Tuesday

Govt to sell up to 10% of utility NTPC in potential Rs 13,800 crore deal

The government on Monday said that it plans to sell up to 5 per cent of its equity stake in NTPC. The floor price of Rs 168 is at a discount of 3 per cent over today's closing stock price.

However, in the secondary market, shares of NTPC fell 3 per cent to Rs 168.15 per scrip on the BSE.

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In Tuesday's offer for sale (OFS), the government is selling over 32.98 crore shares to institutional buyers. It could be the second biggest OFS so far after 10 per cent stake sale in Coal India OFS fetched the Centre Rs 22,557.63 crore in FY15. Seven more PSUs lined up including Indian Oil, PFC and NHPC, which could fetch it another Rs 24,000 crore. The sale of 5 per cent stake would fetch the government around Rs 7,000 crore. This includes Rs 46,500 crore from minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from the listing of PSU insurance companies.various frequency bands. Though the target is stiff, the Centre could reach the high disinvestment target via its proposed 51.11 per cent stake sale in HPCL to ONGC for about Rs 30,000 crore, a planned new diversified exchange traded fund and IPOs in almost ten PSUs. If that option is exercised, NTPC will raise Rs 14,000 crore. This year the government plans to raise Rs 72,500 crore through divestment. The company would also declare the final dividend for FY17 on that day. The government had revised its divestment target on February 1, 2017 to Rs 45,500 crore. NTPC's total income rose y-o-y to Rs 20,541.9 crore in Q1 of FY18.

Last month, NTPC reported a 12 per cent rise in its standalone net profit for the first quarter of 2017-18, at Rs 2,618.17 crore, up from Rs 2,338.61 crore during the corresponding period in 2016-17. In the base offer to sell a 5 percent stake, it will sell up to 412.27 million shares and an equal number of shares as part of the oversubscription option, according to a regulatory filing.

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