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NHPC IPO oversubscribed seven times

This article was posted on Aug 7, 2009 and is filed under Press Releases

MUMBAI: State-run National Hydroelectric Power Corp’s (NHPC) initial public offer (IPO
) was oversubscribed a little over seven times, according
to the data available with the National Stock Exchange (NSE) Friday.

The company had offered 167.73 crore shares with a face value of Rs.10 each. The price band of the IPO was fixed between Rs.30-36.

The portion kept for qualified institutional buyers got overbid a little over six times, while retail individual investors’ bid went overboard by 0.09 percent.

“It’s a public sector firm, hence it got attention from various categories of investors,” SMC Capitals equity head Jagannadham Thunuguntla said.

The company plans to raise over Rs.6,000 crore from the IPO, the second biggest public offering after Reliance Power.

source: Economictimes

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