NTPC sale powers up India divestment ambitions

India kicks off one of the largest ever government divestment deals with a $2.2 billion sale of shares in the country’s largest power producer.

The Indian government took a big step towards fulfilling its ambitious divestment target for the current financial year on Tuesday when it launched a 10% offer-for-sale OFS in National Thermal Power Corporation NTPC.

The divestment, which could raise Rp138.5 billion $2.2 billion follows a similar offering last year, when the government raised $730 million after selling a 5% stake at Rp122 per share and reduced its holding to 70%. This time around, the government is looking for a much bigger deal at a higher price.

At the end of the first day, the institutional portion of the 825 million share sale was...

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