Nature of the Event
The document is a regulatory notice issued by the Ministry of Power, Government of India, regarding a proposed Offer for Sale (OFS) of equity shares in NHPC Limited through the stock exchange mechanism. The notice is addressed to BSE Limited and National Stock Exchange of India Limited.
Key Quantitative Figures
- Base Offer Size: 30,13,51,044 equity shares (3.00% of paid-up equity)
- Face Value: ₹10 per share
- Oversubscription Option: Additional 30,13,51,044 equity shares (3.00% of paid-up equity)
- Total Potential Offer: 60,27,02,088 equity shares (6.00% of total paid-up equity as on March 31, 2026)
- Employee Offer: Up to 45,20,265 equity shares
- Floor Price: ₹71.00 per equity share
- Retail Investor Limit: ₹200,000 maximum bid value
- Employee Bid Limit: ₹200,000 initial allocation, up to ₹500,000 maximum
Dates of Action
- T Day (Non-Retail Investors): June 2, 2026
- T+1 Day (Retail Investors, Employees, and carried forward bids): June 3, 2026
- Trading Hours: 9:15 a.m. to 3:30 p.m. Indian Standard Time
- Oversubscription Decision: To be intimated by 5:00 p.m. on T Day
Parties Involved
- Seller: The President of India, acting through the Ministry of Power, Government of India
- Stock Exchanges: BSE Limited and National Stock Exchange of India Limited
- Designated Stock Exchange: NSE
- Designated Clearing Corporation: NSE Clearing Corporation
- Seller's Brokers:
- ICICI Securities Limited (BSE: 103; NSE: 07730)
- Goldman Sachs (India) Securities Private Limited (BSE: 3158; NSE: 12778)
- SBICAP Securities Limited (BSE: 0095; NSE: 10529)
Allocation Methodology
Retail Category:
- 10% of Offer Shares reserved for Retail Investors (bid value ≤ ₹200,000)
- Allocation at or above Cut-Off Price (lowest price in non-Retail Category)
- Proportional allocation in case of oversubscription
- Unsubscribed portion allocated to non-Retail Investors who carried forward bids
Non-Retail Category:
- Minimum 25% reservation for Mutual Funds and Insurance Companies
- Allocation at Cut-Off Price or higher on price priority basis
- Option to carry forward un-allotted bids to T+1 Day
Employee Category:
- Bids only at Cut-Off Price of T Day
- PAN-based validation applies
- 100% margin requirement upfront
- Allotment priority for first ₹200,000, then proportionate for excess up to ₹500,000
Settlement Details
- Trade-for-trade basis settlement
- Different settlement timelines:
- Non-Retail with upfront payment: T+1 Day
- Institutional without upfront: T+1 Day (normal secondary market rules)
- Retail and Employee: T+2 Day
- Carried forward institutional without upfront: T+2 Day
- Funds released for unallocated bids after obligation download
Conditions and Provisions
- Withdrawal Right: Seller can withdraw before T Day opening, with 10 trading days cooling period
- Cancellation: Permitted only in specific circumstances (insufficient demand, settlement defaults)
- Margin Requirements: 100% upfront for non-institutional, retail, and employee categories
- Bid Modifications: Allowed with specific restrictions for different investor categories
- Penalty: 10% of order value for default in pay-in, credited to Investor Protection Fund
- Restrictions: Promoter and promoter group members cannot participate in the Offer