Shares of NHPC fell nearly 5% to Rs 73.42 apiece on Tuesday after the government launched an offer for sale (OFS) to divest up to a 6% stake in the PSU. The OFS, which opened for non-retail investors on Tuesday, was priced at Rs 71 apiece, a discount of nearly 8% to the stock's previous closing price, weighing on investor sentiment.
NHPC announced on Monday that the government aims to sell 3% of the company’s total paid-up equity capital as part of the base offer. The government also retains an oversubscription option to sell an additional 30 crore shares, taking the total potential offer size to 60.27 crore shares or 6% equity. At the floor price of Rs 71 per share, this would be worth more than Rs 4,279 crore.
