Thumping Success to NTPC Employee OFS
05th Jul, 2016
Pursuant to the successful 5% stake sale by Govt. of India of 41,22,73,220 fully paid up equity shares of NTPC Ltd under OFS mechanism on 24th February, 2016 and transfer of proceeds of Rs. 5,014.55 crore, a total of 2,06,13,661 equity shares were offered to employees being 5% of stake sold by Govt. The lowest cut off during the OFS was Rs. 122/- per equity share. Accordingly, after 5% discount to the OFS offer price, employees were offered shares at a price of Rs. 115.90/- per share.
Subsequent to cooling-off period of 12 weeks post disinvestment by Govt. of India, the Employee Offer for Sale of Shares was opened on 27.06.2016 and closed today.
The Employee Offer of NTPC Ltd. got an unprecedented response as over 10,800 employees participated in the offer and applied for approximately 1,74,50,000 shares being 85% of 2,06,13,661 shares offered for allotment. On Pan India basis, employees from over 100 locations participated in the offer.
This is the highest ever employee participation in disinvestment process of any company post OFS and demonstrates the faith reposed by the employees in their Company. The Government expects to realize around Rs. 202 crore from the above Employee OFS.
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