OFS announced in NHPC Ltd at discount to current market price

The President of India, acting through and represented by the Ministry of Power, Government of India (the "Seller") proposes to sell 2.50% of the paid-up equity (equivalent to 251,125,870 equity shares) shares held in NHPC Ltd (the "company") having a face value of Rs. 10/- each ("Base Offer Size") on January 18, 2024 ("T day") (for non-Retail Investors only) and on January 19, 2024 ("T+1 Day") (for Retail Investors and for non-Retail Investors who choose to carry forward their un-allotted bids) (with an option to additionally sell up to 100,450,348 equity shares i.e. 1.00% of the paid up equity of the company (the "Oversubscription Option") (hereinafter be referred to as "Offer Shares".) In case the Oversubscription Option is not exercised, the equity shares forming part of the Base Offer Size will hereinafter be referred to as "Offer Shares" through a separate, designated window of the NSE, collectively representing 351,576,218 equity shares (3.50%) of the total paid up equity share capital of the company as on December 31, 2023 (held in dematerialized form in one or more demat accounts with the relevant depository participant) in accordance with the OFS Guidelines (such offer for sale hereinafter referred to as the "Offer").

Such number of equity shares as would be equivalent to up to 3.00% of the Offer Shares may be offered to eligible employees of the Company subsequent to completion of the Offer, subject to approval from the competent authority in accordance with the applicable laws (the "Employee Offer"). The eligible employees may apply for equity shares up to Rs. 500,000. However, any bids by eligible employees will be considered for allocation, in the first instance, for an amount up to Rs. 200,000 only.

The Offer shall be undertaken exclusively through the Seller's Brokers named below on a separate window provided by the Stock Exchanges for this purpose.

- Session Timings (Date and time of the opening and closing of the Offer) : The Offer shall take place over two trading days, as provided below:

For non-Retail Investors January 18, 2024 ("T Day")

The Offer shall take place during trading hours on a separate window of the Stock Exchanges on T Day i.e. January 18, 2024 commencing at 9:15 a.m. Indian Standard Time and shall close on the same date at 3:30 p.m. Indian Standard Time.

On the T Day, the non-Retail Investors may indicate their willingness to carry forward their un-allotted bids to T+1 Day (defined below) for allocation to them in the unsubscribed portion of Retail Category (defined below).

Only non-Retail Investors shall be allowed to place their bids on T Day, i.e., - January 18, 2024.

For Retail Investors (as defined below) and non-Retail Investors who choose to carry forward their un-allotted bids: January 19, 2024 ("T+1 Day")

The Offer shall continue to take place during trading hours on a separate window of the Stock Exchanges on T+1 (T+1 being January 19, 2024) commencing at 9:15 a.m. Indian Standard Time and shall close on the same date at 3:30 p.m. Indian Standard Time.

Only Retail Investors (defined below) shall be allowed to place their bids only on T+1 Day. Further, those non-Retail investors who have placed their bids on T Day and have chosen to carry forward their un-allotted bids to T+1 Day, shall be allowed to revise their bids on T+1 Day as per the SEBI OFS Circular.

(T Day and T+1 Day, collectively referred to as "Offer Dates")

- Floor Price : The floor price of the Offer shall be Rs. 66.00/- (Rupees Sixty Six only) per equity share ("Floor Price").

Shares of NHPC Limited was last trading in BSE at Rs. 73.06 as compared to the previous close of Rs. 72.41. The total number of shares traded during the day was 5058317 in over 16775 trades.

The stock hit an intraday high of Rs. 74.40 and intraday low of 70.13. The net turnover during the day was Rs. 367992963.00.

Source : Equity Bulls

Keywords

NHPC INE848E01016 OfferForSale GovernmentofIndia PowerMinistry Divestment OFS