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Web Exclusive | January 2013

India starts overseas roadshow to sell stake in NTPC

For promoting the proposed Rs 13,000-crore stake sale in its power producer NTPC, the Union government has started roadshows in five countries, including the US, UK and Japan. The roadshows are on in the US, the UK, Japan, Singapore and Hong Kong and one of the teams is expected back in a day or two, a top Power Ministry official told a leading news agency.

The government hopes to garner close to Rs 13,000 crore from this offer. It has set a target of raising Rs 30,000 crore in 2012-13 through stake sale in PSUs out of which it has already netted Rs 6,900 crore so far. In November last year, the government approved 9.5 per cent stake sale in NTPC. The government currently holds 84.5 per cent stake in the company, which would come down to 75 per cent post the offer. NTPC will not raise any fresh equity through this offer.

Last week, the government returned three coal blocks to NTPC which were taken back due to delay in developmental work. This move is aimed at boosting the valuation of the company for the share sale. The three coal blocks - Chatti-Bariatu, Kerandari and Chatti-Bariatu (South), all in Jharkhand - were forfeited in 2011.

NTPC reported nearly 22 per cent jump in its net profit at Rs 2,596.76 crore in the third quarter ended December, 2012 as against Rs 2,130.39 crore in the same period a year ago.

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