NHPC IPO Details

Issue Open Aug 7, 2009
Issue Close Aug 12, 2009
IPO Price ₹36
Face Value ₹10
IPO Size ₹6,038.55 Cr
Listing At BSE, NSE
IPO Lot Size 175

NHPC Limited
(A Government of India Enterprise)

(Our Company was incorporated on November 7,1975 under the Companies Act, 1956 (the "Companies Act") as a private limited company under the name "National Hydroelectric Power Corporation Private Limited". The word 'private' was subsequently deleted on September 18,1976. Our Company was converted into a public limited company with effect from April l2,1986. On March 28,2008,our name was changed to our present name 'NHPC Lirnited'.

Registered and Corporate Office: NHPC Office Complex, Sector - 33, Faridabad 121 003, Haryana, India, www.nhpcindia.com, Company Secretary and Compliance Officer: Mr. vijay Gupta,
Email :companysecretary@nhpc.nic.in

PUBLIC ISSUE OF 1,67,73,74,015 EQUITY SHARES OF RS.10/- EACH (THE EQUITY SHARES") FOR CASH AT A PRICE OF RS.36/- PER EQUITY SHARE of NHPC LIMITED ("NHPC", "OUR COMPANY" OR "THE ISSUER") AGGREGATING RS.6038.55 CRORE (THE "ISSUE"). THE ISSUE COMPRISES A FRESH ISSUE OF 1,11,82,49,343 EQUITY SHARES BY NHPC (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 55,91,24,672 EQUITY SHARES BY THE PRESIDENT OF INDIAACTING THROUGH THE |MINISTRY OF POWER, GOVERNMENT OF INDIA (THE "SELLING SHAREHOLDER") (THE "OFFER FOR SALE"). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 1,63,54,39,665 EQUITY SHARES (THE "NET ISSUE") AND A RESERVATION OF 4,19,34,350 EQUITY SHARES FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"), AT THE ISSUE PRICE. THE ISSUE SHALL CONSTITUTE 13.64% OF THE POST-ISSUE CAPITAL OF NHPC.

THE FACE VALUE PER EQUITY SHARE IS RS. 10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 36/- AND IT IS 3.6 TIMES THE FACE VALUE.

In terms of Rule 19(2)(b) of the Securities Contract Regulation Rules, 1957 ("SCRR"), this being an Issue for less than 25% of the post-Issue capital, the Issue was made through the 100% Book Building Process wherein at least 60% of the Net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the QIB portion that was to be specifically allotted to mutual funds), further, up to 10% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 30% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price.

The Issue received a total of 1346850 applications for 39602672256 equity shares resulting in 23.61 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Bidders and Retail Individual Bidders categories and Eligible Employees are as under: (Before technical rejections)

Category No. of Applications No. of Shares No. of times subscription
A Retail Individual Bidders 1334906 1858938893 3.79
B Non Institutional Bidders 6033 9146916338 55.93
C Qualified Institutional Bidders 381 28568754025 29.11
D Eligible Employees 5530 28063000 0.66
Total 1346850 39602672256 23.61

Final Demand

A sample of the final demand at different bid prices within the price band of Rs. 30 to Rs. 36 is as under:

Bid Price No. of Shares % to total Cumulative Total Cumulative % of Total
30 29191225 0.07 39799883375 100.00
31 94325 0.00 39770692150 99.93
32 22690850 0.06 39770597825 99.93
33 21280350 0.05 39747906975 99.87
34 22981525 0.06 39726626625 99.82
35 1648325 0.00 39703645100 99.76
36 39701996775 99.75 39701996775 99.75

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on 25.08.2009. The final demand at different bid prices and allocation of Equity Shares in the following categories is as under:

A. Eligible Employees

The Basis of Allocation to the Eligible Employees of the NHPC, who have bid at cut-off or at the Issue Price of Rs. 36/- per Equity Share, was finalized in consultation with the BSE. The total number of shares allotted in this category is 24109925. The undersubscribed portion of 17824425 Equity Shares have been spilled over to QIBs, Non-Institutional Bidders and Retail Individual Investor Bidders Category in the ratio of 60:10:30.

B. Allocation to Retail Individual Investors (AfterTechnical Rejections) (Including ASBA Appllcations)

The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 36/- per Equity Share, was finalized in consultation with the BSE. This category has been over-subscribed to the extent of 3.68 times. Out of 1334906 applications for 1858938893 Equity Shares, 152159 applications for 179260725 Equity Shares were made under ASBA process. 1302417 applications for 1825072200 Equity Shares were found valid and they were considered for allotment. The total number of shares allotted in Retail Individual Investor category is 495979228 Equity Shares (including 5347328 Equity Shares being 30% of the unsubscribed portion of the employee reservation portion) to 1074234 successful applicants. The category-wise details of the Basis of Allocation are as under:

No. of Shares applied for No. of Applications % to total Total No.
of Shares applied
% to total No. of
Shares
allocated
Ratio Total No.
of Shares allocated
.
175 185649 14.25 32488575 1.78 175 14:51 8918350
350 164721 12.65 57652350 3.16 175 6:11 15723400
525 102429 7.86 53775225 2.95 175 9:11 14666050
700 88113 6.77 61679100 3.38 190 FIRM 16741470
875 51064 3.92 44681000 2.45 238 FIRM 12153232
1050 59265 4.55 62228250 3.41 285 FIRM 16890525
1225 59343 4.56 72695175 3.98 333 FIRM 19761219
1400 53032 4.07 74244800 4.07 380 FIRM 20152160

Additional

1 7:39 9526
1575 9634 0.74 15173550 0.83 428 FIRM 4123352
1750 29478 2.26 51586500 2.83 476 FIRM 14031528
1925 6009 0.46 11567325 0.63 523 FIRM 3142707
2100 12347 0.95 25928700 1.42 571 FIRM 7050137
2275 3478 0.27 7912450 0.43 618 FIRM 2149404
2450 5201 0.40 12742450 0.70 666 FIRM 3463866
2625 472654 36.29 1240716750 67.98 713 FIRM 337002302

C. Allocation to Non Institutional Investors (After Technical Rejections)

The Basis of Allocation to the Non-Institutional Investors, who have bid at the Issue Price of Rs. 36/- per Equity Share, was finalized in consultation with the BSE. This category has been over-subscribed to the extent of 54.75 times. 5412 applications for 9051606900 Equity Shares were found valid and they were considered for allotment. The total number of Equity Shares allotted in this category is 165326408 (including 1782442 Equity Shares being 10% of the unsubscribed portion of the employee reservation) to 4859 successful applicants. The category-wise details of the Basis ofAllocation (sample) are as under:

No. of Shares applied for No. of Applications % to total Total No.
of Shares
applied
% to total. No. of
Shares
allocated
Ratio Total No.
of Shares
allocated
2800 282 5.21 789600 0.01 175 3:10 14875
. 6650 4 0.07 26600 0.00 175 3:4 525
8925 4 0.07 35700 0.00 175 3:4 525
9100 3 0.06 27300 0.00 175 FIRM 525
29050 1 0.02 29050 0.00 531 FIRM 531
72100 1 0.02 72100 0.00 1317 FIRM 1317
126350 1 0.02 126350 0.00 2308 FIRM 2308
238525 1 0.02 238525 0.00 4357 FIRM 4357
420000 8 0.15 3360000 0.04 7671 FIRM 61368
805000 1 0.02 805000 0.01 14703 FIRM 14703
1389850 2 0.04 2779700 0.03 25386 FIRM 50772
3000025 2 0.04 6000050 0.07 54795 FIRM 109590
7000000 3 0.06 21000000 0.23 127854 FIRM 383562
23514225 1 0.02 23514225 0.26 429484 FIRM 429484
55300000 3 0.06 165900000 1.83 1010047 FIRM 3030141
55555500 1 0.02 55555500 0.61 1014714 FIRM 1014714
69444375 1 0.02 69444375 0.77 1268392 FIRM 1268392
83333600 1 0.02 83333600 0.92 1522077 FIRM 1522077
118055525 2 0.04 236111050 2.61 2156287 FIRM 4312574

D. Allocation to QIBs

380 valid applications were received in this category and allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available i.e. 49597923 and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares i.e. 942360531. 10694655 Equity Shares being 60% of the unsubscribed portion of the employee reservation were added to the QIB category.

Category Fls/Banks Flls MFs ICs VCs Others Total
No.of Shares 230044806 548828209 118583101 85109633 9320248 72457 991958454

The Board of Directors of the company at its Meeting held at Faridabad on 26.08.2009 has adopted the basis of allocation of shares as approved by the BSE and has allotted the shares to various successful applicants.

Despatch of the CAN-cum-Refund Orders, allotment advice, intimation regarding refunds through electronic mode (ECS, RTGS, NEFT or Direct Credit) and notices (where applicable) have been dispatched to the address of the investors as registered with the depositories has been completed on August 27,2009. Instructions to Self Certified Syndicate Banks to transfer funds related to equity shares allotted, if any, and unblock the remaining amount have been given on August 26,2009. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The equity shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has taken steps to get the Equity Shares admitted for trading on the Bomibay Stock Exchange Limited and National Stock Exchange of India Limited and has received their approvals for admission for trading from September 1,2009 i.e. within seven working days from the date of approval of the basis of allocation. The lSIN Number for NHPC Limited is lNE848E01016.

INVESTORS PLEASE NOTE

These details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at http://karisma.karvy.com

All future correspondence in this regard may kindly be addressed to the Registrars to the Issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

Karvy Computershare Private Limited
Unit: NHPC
Plot No. 17 to 24, Vitharao Nagar, Hitech City Road,
Madhapur, Hyderabad - 500081, Fax: 040-23420814
Email: einward.ris@Karvy.com

TOLL FREE -HELPLINE NUMBER 1-800-3454001

Place: Faridabad
Date : 28.08.2009

For NHPC Limited
Sd/-
Vijay Gupta
Company Secretary

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF NHPC LIMITED.

NHPC IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in NHPC IPO?

    Check the basis of allotment document above to know about how the shares are allocated in NHPC IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).
  2. 2. What is NHPC IPO basis of allotment status?

    The NHPC IPO basis of allotment (published above) tells you how shares are allocated to you in NHPC IPO and category wise demand of IPO share.

    Visit the NHPC IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is NHPC IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in NHPC IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

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