fell nearly 5 per cent in early trade on Tuesday after the government announced an offer for sale (OFS) to divest up to 6 per cent stake in the The sharp discount to the prevailing market price triggered selling pressure in the stock.
NHPC shares declined as much as 4.6 per cent to ₹73.62 on the NSE in morning trade, compared with the previous close of ₹77.20. The stock was trading at ₹73.83 at around 9.48 am.
The government on Monday said it will sell up to 6 per cent equity stake in NHPC through the OFS route, including a base offer of 3 per cent and an additional 3 per cent green shoe option in case of oversubscription. The floor price has been fixed at ₹71 per share, representing an about 8 per cent discount to Monday’s closing price of ₹77.19 on the BSE.
The OFS will open for non-retail investors on June 2, while retail investors can bid on June 3.
The sale of over 60.27 crore shares representing a 6 per cent stake at a floor price of ₹71 a share would fetch about ₹4,200 crore to the exchequer.