India Sells 7% Stake in NTPC for USD1.36 Billion

Published: Aug 28 2017
Deal Summary

The government of India, has completed the sale of 548.6 million shares representing 7% stake in NTPC Limited, a power generation company, for a consideration of INR91,000 million (USD1,365.91 million).

Under the agreement, the government has sold 463.6 million shares to the institutional investors on August 29, 2017 and 85 million of shares to the retail investors on August 30, 2017. The shares were sold through a separate designated window of the BSE Limited and National Stock Exchange of India Limited.

On September 6, 2017, the government of India, has agreed to sell additional 27,402,498 shares of NTPC, at a price of INR159.60 (USD2.49) per share for gross proceeds of INR4,373.44 million (USD68.36 million) under the employee offer for sale of equity. The shares will be sold to the eligible employees of NTPC.

Squire Patton Boggs (US) LLP acted as legal advisor to NTPC for the transaction.

Deal History:

Announced: on August 28, 2017, The government of India agreed to sell up to 5% stake in NTPC for a consideration of INR69,261.9 million (USD1,039.62 million). The government agreed to sell up to 412,273,220 shares, representing 5% stake, at a price of INR168 (USD2.52) per share. In addition, the government has agreed to sell additional up to 412,273,220 shares, representing 5% stake, under a oversubscription option in the event of oversubscription option is exercised.

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