NTPC Green Energy submits draft papers for $1.2 billion IPO: Report
New Delhi: NTPC Green Energy, a subsidiary of state-owned power producer NTPC, filed draft papers on Wednesday for an initial public offering (IPO) worth Rs100 billion ($1.19 billion) as it seeks to capitalize on India's renewable energy expansion and a booming stock market, Reuters reported.
According to the draft documents, the offering will consist entirely of new shares, with no existing shareholders selling their stakes, the report said.
India’s IPO market has been thriving, with approximately 235 companies going public this year, raising over $8.6 billion—already surpassing last year's total. The Nifty 50 index has hit record highs over 50 times in 2024.
Major Indian power producers are focusing heavily on renewable energy, aligning with the government's goal to add at least 500 GW of clean energy by 2030 to curb carbon emissions.
NTPC Green Energy plans to use the funds raised from the IPO to repay loans of Rs 75 billion borrowed by its unit, NTPC Renewable Energy.
As of the end of June, NTPC Green Energy’s total borrowings stood at Rs 152.77 billion.
The IPO’s book-running lead managers include IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
PM Modi urges Indians to go 'Vocal for Local' in festival shopping
Pakistan’s mineral show-and-tell: Sharif and Munir try to charm Trump
Rain predicted during Durga Puja days, Yellow warnings for all Tripura districts
Festive mode on high from ‘Maha Shasti’ day, Agartala city witness massive crowd
