New Delhi, Oct 28
NTPC Green Energy Limited, a wholly-owned subsidiary of NTPC Limited, on Monday said it has received approval from the Securities and Exchange Board of India (SEBI) to raise Rs 10,000 crore through an initial public offering (IPO).
The IPO with a face value of Rs 10 per equity share is a fresh issue of equity shares. The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.
The proceeds from the fresh issue to the extent of Rs 7,500 crore will be used for investment in its wholly-owned Subsidiary, NTPC Renewable Energy Limited (NREL) for repayment/ prepayment, in full or in part of certain outstanding borrowings availed by NREL, and general corporate purposes, said the company.
The company had filed its IPO papers with Sebi on September 18.
NTPC Green’s portfolio consists of 14,696 MWs including 2,925 MWs of operating projects and 11,771 MWs of contracted and awarded projects (as on June 30).
Additionally, it has 10,975 MWs of “capacity under pipeline”, aggregating to 25,671 MWs together with its Portfolio.