Overview
- The OFS, which opened to non‑retail investors on Tuesday, June 2, was subscribed about 3.47 times on Day 1, prompting the government to exercise the full 3% greenshoe and increase the offer from 3% to 6%.
- Retail bidding opened on Wednesday, June 3, and early retail bids covered roughly 20% of the retail allocation as NHPC shares staged an intraday rebound of about 5% after an initial drop.
- At the ₹71 floor price set by the government, the expanded 6% sale is expected to raise roughly ₹4,200–4,650 crore and reduce the Centre’s stake from 67.4% toward about 61.4% while the government remains the majority shareholder.
- The OFS used standard exchange mechanics: a ₹71 floor price (about an 8% discount to the prior close), a separate non‑retail and retail bidding window, and price‑priority allocation rules that govern who gets shares at what price.
- The transaction is part of a stepped‑up FY27 disinvestment drive that has relied on OFS sales of other PSUs and is likely to keep short‑term pressure and volatility on high‑government‑stake stocks even as NHPC’s recent project commissioning and revenue gains support investor interest.