NTPC Green Energy Set to Launch $10,000 Crore IPO in Early November
NTPC Green Energy, a subsidiary of NTPC, plans to raise Rs 10,000 crore through an IPO in the first week of November. The capital will primarily be used to pay off debts. With plans for both domestic and international roadshows, the company's renewable energy capacity continues to grow.
- Country:
- India
NTPC Green Energy, a subsidiary of state-owned power giant NTPC, is preparing to launch an initial public offering (IPO) worth Rs 10,000 crore in the first week of November, according to a highly placed source.
Last week, NTPC Green Energy submitted preliminary paperwork to the Securities and Exchange Board of India (Sebi) to raise the significant capital through the IPO. The IPO, which will be a fresh issuance of equity shares with no offer-for-sale (OFS) component, comes in a thriving IPO market, with around 60 main board companies having already launched share-sales this year.
The company plans to use Rs 7,500 crore of the proceeds to repay or prepay part of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, while the remaining funds will be allocated for general corporate purposes. The company has scheduled roadshows in Mumbai and Singapore to attract potential investors. NTPC Green Energy, a 'Maharatna' central public sector enterprise, aims to reach 60 GW of renewable energy capacity by 2032. Currently, NTPC's renewable energy assets include solar and wind power, contributing significantly to India's rapidly expanding renewable energy sector.
(With inputs from agencies.)
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