Shares of NTPC were in the green on Thursday after NTPC Green Energy, a subsidiary of NTPC filed draft papers for an IPO with the Securities Exchange Board of India.
What Happened: NTPC Green Energy is aiming to raise ₹10,000 crore via the IPO. The draft papers indicate that only new shares will be issued, with existing shareholders retaining their stakes.
The company is aiming to use ₹7,500 crore from the IPO to repay or prepay a part of the outstanding loans of its subsidiary, NTPC Renewable Energy Ltd (NREL). The remaining funds will be allocated for general corporate purposes.
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NTPC Green Energy has an operational capacity of 3,071 megawatts from solar projects and 100 megawatts from wind projects as of August 30. NTPC Group overall plans to reach 60 gigawatts in renewable capacity by 2032 from its current 3.5 gigawatts installed capacity. Over 28 gigawatts of capacity is currently under development.
IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management are the book-running lead managers of the IPO.
Price Action: Shares of NTPC rose 2.10% to ₹422.85 on Thursday morning.
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