NTPC Green The IPO is still going on and the company has signed a big deal. The company has signed a joint venture with New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP). This joint venture will be formed to invest Rs 1.87 lakh crore for setting up renewable energy projects in Andhra Pradesh. The agreement signed in the presence of Chief Minister N Chandrababu Naidu, Energy Minister Gottipati Ravi Kumar and others at the Secretariat will generate employment for 1.06 lakh people and yield financial benefits of Rs 20,620 crore to the state over 25 years.
The first phase will be completed by May 2027
Naidu said in an official statement, “This joint venture will be a big step towards making Andhra Pradesh number one in the field of energy (renewable). “The state government will always be at the forefront in promoting solar, wind, pumped storage, green hydrogen and green ammonia energy projects.” Under the joint venture, 25 GW of solar, wind and hybrid energy projects will be set up in the state. In addition, pumped hydro projects of 10 GW capacity will be developed at suitable locations in the state. Naidu proposed to complete the first phase of this joint venture by May 2027. Energy Minister Gottipati Ravi Kumar said this joint venture is an important step towards securing the energy future of Andhra Pradesh, which will also contribute to the national renewable energy goals.
IPO was 93% subscribed on the second day
The IPO of NTPC's renewable energy arm NTPC Green Energy Limited received 93 percent subscription on the second day of bidding on Thursday. According to NSE data, the share sale received bids for 54,96,35,370 shares against the offer of 59,31,67,575 shares. The retail individual investors (RII) category received 2.38 times subscription. While the portion of qualified institutional buyers (QIBs) received subscription of 75 per cent. The share of non-institutional investors received 34 percent subscription. NTPC Green Energy has raised Rs 3,960 crore from anchor investors. The initial share sale of Rs 10,000 crore is entirely an issue of new shares.
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