NTPC Green’s IPO May Open In Nov

New Delhi: NTPC Green Energy, a subsidiary of state-owned power giant NTPC, is likely to bring its initial public offering (IPO) to raise Rs 10,000 crore in first week of November, a source said.Last week, NTPC Green Energy had filed preliminary papers with capital markets regulator Sebi to raise Rs 10,000 crore through IPO. The highly placed source said the IPO is expected to be launched in first week of November this year. The company has planned roadshows in India (Mumbai) as well as abroad, especially in Singapore, the source informed. The initial share-sale is entirely a fresh issuance of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP). The company said proceeds of the issue to the tune of Rs 7,500 crore will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, while a portion will be utilised for general corporate purposes.