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 to set up renewable energy projects in Andhra Pradesh. The agreement signed in the presence of Chief Minister N Chandrababu Naidu, Power Minister Gottipati Ravi Kumar and other members of the Secretariat will generate employment for 1.06 lakh people and generate financial benefits of Rs 20.62 billion for the state during 25 years.
The first phase will be completed in May 2027.
“This joint venture will be a big step towards making Andhra Pradesh number one in the (renewable) energy sector,” Naidu said in an official statement. “The state government will always be at the forefront of promoting solar, wind, pumped storage, green hydrogen and green ammonia projects.” Under the joint venture, 25 GW of solar, wind and hybrid energy projects will be implemented in the state. In addition, pumped hydroelectric 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. Power Minister Gottipati Ravi Kumar said that this joint venture is an important step in securing the energy future of Andhra Pradesh, which will also contribute to the national goals of renewable energy.
The IPO was 93% subscribed on the second day
The initial public offering of NTPC’s renewable energy arm, NTPC Green Energy Limited, received 93 per cent 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 investor (RII) category received 2.38 times subscription. While the proportion of qualified institutional buyers (QIB) received 75 percent subscription. The proportion of non-institutional investors received a subscription of 34 percent. 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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