Offer for sale sails through! NTPC down 2.7%

The government proposes to divest 5% of its stake in NTPC by tendering around 41.2 crore shares at a floor price of Rs 122 per share, a stock exchange filing by NTPC said.

NTPC tumbled 2.7% to Rs.120.75 on BSE. The stock fell for the second consecutive session.  With Life Insurance Corporation having subscribed to around 41% of NTPC’s issue of shares on Tuesday, the power producer’s offer for sale sailed through attracting a total subscription of 1.8 times.

The 32.98 crore shares reserved for institutional investors attracted a subscription of 57.4 crore shares, according to the BSE.

The government proposes to divest 5% of its stake in NTPC by tendering around 41.2 crore shares at a floor price of Rs 122 per share, a stock exchange filing by NTPC said.

The scrip opened at Rs. 121.9 and has touched a high and low of Rs. 121.9 and Rs. 120.4 respectively. So far 1169769(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 102161.25 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 164.7 on 12-Mar-2015 and a 52 week low of Rs. 107.2 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 130.65 and Rs. 122.6 respectively.

The promoters holding in the company stood at 74.96 % while Institutions and Non-Institutions held 22.77 % and 2.28 % respectively.

The stock is currently trading above its 50 DMA