NHPC to hold IPO till market conditions stabilize

NHPCState-owned NHPC, a hydroelectric power generating company, revealed in a statement, that it would come out with its initial public offer, only after the market conditions improve.

Mr. SK Garg, Chairman and Managing Director of the company said, "IPO is on hold till market conditions stabilize."

Last year in October, the company has planned initial public offer (IPO) of 167 crore equity shares, which latter the company called off due to volatile market conditions.

The company has plans to raise funds for its future expansions and part finance the construction and development costs of certain of identified projects.

As per statement of Mr. Garg. the recent ongoing global recession has affected the company's expansion project, "Our capex has not been affected by the slowdown."

The company, formerly known as National Hydroelectric Power Corporation Limited has developed and constructed
13 hydroelectric power stations and the total installed capacity is currently 5,175MW.

Sources revealed that NHPC has target to double its output by 2012, and has planned a capital expenditure of Rs
28,000 crore during the 11th Five-Year Plan (2007-12).