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Feb

23

India Gets $586 Million From Share Sale in Biggest State Utility

By Tony Seruga

Institutional buyers subscribe to 596.2 million shares
Modi’s government still short of FY16 stake-sale target

Institutional investors bid for almost double the shares offered in India’s top power producer NTPC Ltd., generating at least 40.2 billion rupees ($586 million).

Investors subscribed to 596.2 million shares, compared to 329.8 million offered at a floor price of 122 rupees apiece, according to stock exchange data. The one-day institutional portion comprised 80 percent of the total number of shares on sale. The balance is reserved for retail buyers and will go on sale Wednesday…

India Gets $586 Million From Share Sale in Biggest State Utility

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