The government has divested 5% of its equity in NTPC, India’s largest state-run power producer, raising US$731 million through an offer for sale (OFS). The sale reduces the state’s share in NTPC to 69.96%.
The transaction is the second largest OFS for an Indian company in the past 12 months after Indian Oil Corporation’s US$1.4 billion OFS in August 2015. It is also the first OFS under the revised OFS guidelines of the Securities and Exchange Board of India, issued on 15 February.
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