NTPC Green Energy's Record Share Surge Following IPO Filing
NTPC Green Energy saw a significant stock surge after filing IPO papers to raise Rs 10,000 crore. The firm aims to use Rs 7,500 crore to repay loans and the rest for corporate purposes. The IPO is entirely a fresh issuance, featuring no Offer For Sale component.
- Country:
- India
Shares of NTPC surged over 4 per cent to reach an unprecedented high on Thursday. This spike followed the filing of preliminary IPO papers by NTPC Green Energy, the company's renewable energy arm, with the capital markets regulator Sebi, aiming to raise Rs 10,000 crore.
The stock soared 4.34 per cent to Rs 431.85 on the BSE, marking its record high, and similarly rose 4.27 per cent on the NSE to the same peak. According to the Draft Red Herring Prospectus, the IPO involves entirely fresh equity shares, with no Offer For Sale component included.
Proceeds amounting to Rs 7,500 crore will go towards repaying or prepaying part or all of NTPC Renewable Energy Ltd's outstanding loans, with the remaining funds directed at general corporate needs. NTPC Green Energy, a 'Maharatna' public sector enterprise with a strong portfolio in solar and wind power, has named IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management as the book-running lead managers for the IPO.
(With inputs from agencies.)
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