NTPC Green Energy IPO likely this fiscal: Report
New Delhi: NTPC Green Energy Ltd (NGEL), a subsidiary of NTPC, plans to raise funds through an initial public offering (IPO) this financial year, a media report said citing a source.
The amount of funds to be raised through the IPO was not disclosed by the source.
Previously, NGEL had planned to sell 20% of NTPC's stake in the company to a strategic investor for INR 3,000 crore, but this did not materialize.
SBI Capital Markets will serve as the advisor for NGEL's IPO listing.
Three bidders had shown interest in the stake sale proposal earlier.
In March 2023, the Union Cabinet permitted NTPC to increase its investment in NGEL beyond the limit of 30% of its net worth.
As per NTPC's annual report for the fiscal year 2021-22, its net worth was Rs 1.28 lakh crore. NTPC has set a goal of achieving 60 GW of renewable energy by 2032.
The Union Cabinet has granted an exemption to NTPC Green Energy Ltd (NGEL) for its investment in NTPC Renewable Energy Ltd and other subsidiaries and joint ventures, subject to a limit of 15% of its net worth beyond the monetary limit of Rs 5,000 crore to Rs 7,500 crore, in order to help parent company NTPC Ltd achieve its target of 60 gigawatts of renewable energy capacity.
This decision was made in March of this year and allows NTPC to invest more than the previously imposed limit of 30% of its net worth in NGEL.
NTPC has set an ambitious goal of achieving 60 GW of renewable energy by 2032.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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